PANews reported on April 4th that, according to Cointelegraph, Glassnode's on-chain data shows that in the first quarter of 2026, "sharks" holding 100-1,000 Bitcoins and "whales" holding 1,000-10,000 Bitcoins incurred average daily losses of approximately $188.5 million and $147.5 million respectively, totaling approximately $337 million. The cumulative locked-in losses for the year have reached a staggering $30.9 billion, approaching the levels seen during the 2022 bear market.

Analysis indicates that current selling pressure stems from rising macroeconomic risks (inflation expectations, AI trading congestion, etc.) and weakening market confidence, with large holders accelerating stop-loss exits. Meanwhile, long-term holders (LTH) continue to incur daily losses at a high level of approximately $200 million, suggesting that the market has not yet shown clear signs of "selling pressure exhaustion." Analysts believe that under multiple pressures, Bitcoin still faces further downside risks, with some predicting a potential bottom range of $40,000 to $50,000.