Bitcoin Realized Losses Ease 56.5% from February Peak, But Profit Recovery Lags

According to CryptoQuant analyst Axel Adler, Bitcoin's realized losses have eased 56.5% from the February 2026 peak of $1.37 billion to $597 million as of July 23. The decline indicates reduced selling pressure from underwater holders, though the analyst noted that selling distress has not fully cleared.

Realized profits remain subdued at $257 million, down 92.7% from the December 2024 peak of $3.51 billion. The profit-to-loss ratio has recovered to 0.43 from a June low of 0.26, but remains well below 1, suggesting demand recovery trails the reduction in loss-driven selling.