On-chain data show a painful week for recent Bitcoin buyers: investors who entered in 2025 and 2026 collectively realized roughly $1.5 billion in losses per day during the latest pullback, according to analyst Checkmate. Checkmate’s X post used the Net Realised Profit/Loss metric to break down who was selling at a profit or a loss. The indicator looks at each coin’s prior transaction price and compares it to the sale price: if the last move was at a higher price than the current sale, the sale counts as a realized loss; if it was lower, it’s realized profit. The metric sums up those gains and losses to produce a net value — positive when profit-taking dominates, negative when loss-taking leads. A chart shared by Checkmate (showing the 7-day EMA of the net metric by cohort year) indicates that buyers from 2025 and 2026 moved into the negative zone during the crash. “Class of 2025 and 2026 collectively puked out $1.5B/day in losses on the move lower, equivalent to the June 2022 low at $17.6k,” the analyst wrote. Buyers from earlier years also sold, but those sales were more often profit-taking. The broad market’s unrealized losses have also climbed to levels resembling the 2022 bear market. On-chain firm Glassnode highlighted that Relative Unrealized Loss — unrealized losses as a percentage of market cap — has risen to about 16%, a structure it says mirrors early May 2022. “Current market pain echoes a similar structure seen in early May 2022,” Glassnode noted. Price context: Bitcoin traded near $69,300 at the time of reporting, down more than 11% over the past week. The on-chain picture suggests the recent drawdown was driven disproportionately by late-cycle entrants forced to sell at a loss, while older cohorts have been taking profits — a dynamic that can amplify short-term volatility but also tells traders which investor groups are under stress. Read more AI-generated news on: undefined/news

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