Bitcoin holders have recorded net realized losses over a 30-day period, marking the first such stretch since late 2023 after more than two years largely defined by realized profits.
Data shared by Julio Moreno, head of research at CryptoQuant, shows that Bitcoin’s rolling 30-day realized profit and loss metric has fallen below zero. This indicates that coins moved onchain over the past month were, on average, sold at prices below their acquisition cost.
“Bitcoin holders are realizing losses over a 30-day period since late December, the first time this has happened since October 2023,” Moreno wrote on X.
According to CryptoQuant, the net realized profit and loss metric measures the aggregate profit or loss realized by all holders when they spend coins. While a negative reading does not necessarily signal a price decline, it does suggest that selling pressure is increasingly coming from investors who purchased Bitcoin at higher price levels.
Gold surged to a record high as escalating global tensions drove investors toward traditional safe-haven assets, while Bitcoin and other digital assets faced renewed pressure.
Spot gold climbed to an all-time high of $4,701.23 on Tuesday before paring gains slightly, with US gold futures also setting fresh records. Silver joined the rally, trading near historic highs after briefly touching $94.72 per ounce.
The advance in precious metals came amid a deterioration in global sentiment following renewed tariff threats from US President Donald Trump. He warned of potential new trade measures against European allies unless Denmark agreed to sell Greenland, reigniting concerns over a broader trade conflict.
As gold rallied, the divergence in performance pushed the Bitcoin-to-gold ratio sharply lower, now down more than 50% from its peak, according to Bitfinex. “The last time we were at these levels, Bitcoin went on to outperform gold,” the analyst noted on X. “This cross is worth watching as liquidity builds into 2026.”
US-listed spot Bitcoin exchange-traded funds (ETFs) saw significant outflows as market tensions intensified, with products recording $394.7 million in net withdrawals on Monday, according to SoSoValue data. The move snapped a four-day inflow streak that had attracted more than $1.8 billion.
“President Trump’s aggressive trade rhetoric is pushing markets back into full de-risking mode,” said Valr co-founder and CEO Farzam Ehsani in a note shared with Cointelegraph.
Ehsani added that tariff threats and retaliatory actions have historically created “significant headwinds for digital assets and other risk-on markets.”
