According to @glassnode, the unrealized loss in the Bitcoin (BTC) market at $70K equates to approximately 16% of the market cap, reflecting a pain structure similar to early May 2022. The analysis highlights that while bearish sentiment persists, unrealized losses at $107K represent only 1.3% of Bitcoin's market cap, far below the thresholds typically seen in mild or severe bear markets. This suggests the market pain has not yet reached levels characteristic of a true bear phase.

According to @glassnode, the Bitcoin market is experiencing a bear regime characterized by a high Relative Unrealized Loss, which measures the USD value of underwater coins relative to market cap. At $60k, this metric reached approximately 24%, surpassing the bull-bear market transition threshold and indicating a potential capitulation process. However, the market remains below extreme capitulation levels observed above 50%, suggesting further downside risk remains.

According to @BullTheoryio, MicroStrategy (MSTR) fell 12% in the session, wiping out about $5 billion in market value (source: @BullTheoryio). The stock is now 79% below its all-time high, and the company’s Bitcoin (BTC) holdings are carrying roughly $6.2 billion in unrealized losses (source: @BullTheoryio). Based on the source’s figures, the drawdown highlights MSTR’s sensitivity to BTC balance-sheet exposure, a dynamic traders use when positioning or hedging BTC-proxy equity risk (source: @BullTheoryio).

According to @BullTheoryio, MicroStrategy’s MSTR fell about 9 percent over the last eight hours, wiping out roughly 3.7 billion in market value; the stock is now 77 percent below its all time high and its Bitcoin holdings are sitting on an unrealized loss of about 1.77 billion, the source reports.

According to @lookonchain, as Bitcoin fell below $75,000, Michael Saylor's Strategy saw its 712,647 BTC position move to an unrealized loss of over $900 million. Strategy disclosed it purchased another 2,932 BTC at $90,061 and now holds 712,647 BTC with an average cost of $76,037 (source: Strategy press release linked by @lookonchain). For trading context, the reported $76,037 average cost is a key reference level; BTC below that threshold implies Strategy’s holdings are in paper loss, while reclaiming it would restore unrealized gains (sources: @lookonchain, Strategy press release).

According to Onchain Lens, whale "pension-usdt.eth" is holding a BTC long with 3x leverage sized at 1,000 BTC with a notional value of about $95M. Source: https://x.com/OnchainLens/status/2011993198957379954; https://hyperbot.network/trader/0x0ddf9bae2af4b874b96d287a5ad42eb47138a902 As prices fell, the position now shows an unrealized loss exceeding $3M. Source: https://twitter.com/OnchainLens/status/2013133367873823017; https://app.coinmarketman.com/hypertracker/wallet/0x0ddf9bae2af4b874b96d287a5ad42eb47138a902 Before opening the BTC long, the address closed an ETH long with a realized profit of $739,432. Source: https://x.com/OnchainLens/status/2011993198957379954; https://hyperbot.network/trader/0x0ddf9bae2af4b874b96d287a5ad42eb47138a902

According to Onchain Lens, a whale was fully liquidated on a DOGE long position for a realized loss of approximately 2.20 million dollars, based on the alert posted on X on Jan 19, 2026, citing wallet tracking data. The linked CoinMarketMan Hypertracker page for wallet 0x10ea105d5149383b73ebd8a214819f3b08c198b7 shows the same wallet still holds a 15x ETH long with an unrealized loss near 475,000 dollars at the time referenced, source: app.coinmarketman.com/hypertracker/wallet/0x10ea105d5149383b73ebd8a214819f3b08c198b7. These figures, as reported by Onchain Lens and verified on CoinMarketMan Hypertracker, indicate concentrated leveraged exposure in DOGE and ETH for this wallet.

According to Onchain Lens, LIT fell below $2 and a whale running a 3x LIT long is showing an unrealized loss of over $2.84M. Source: https://twitter.com/OnchainLens/status/2011654321788903585 https://hyperbot.network/trader/0xf3947384f78db54a5e0202e2d5186b7f11581072 The identified position corresponds to trader address 0xf3947384f78db54a5e0202e2d5186b7f11581072, with position metrics viewable on HyperBot for verification. Source: https://twitter.com/OnchainLens/status/2011654321788903585 https://hyperbot.network/trader/0xf3947384f78db54a5e0202e2d5186b7f11581072

According to @OnchainLens, a whale spent 501 ETH (about $1.57M) to acquire 9,157 AAVE at $171.4, citing on-chain data from Nansen as the source. According to @OnchainLens, the wallet has bought and staked 78,074 AAVE at an average cost of $214.5 for a total of roughly $16.75M, earning 463.48 AAVE in staking rewards (around $79K), per Nansen data. According to @OnchainLens, the staked AAVE position currently reflects an unrealized loss of $3.33M, based on Nansen figures. According to @OnchainLens, the $3.33M loss on a $16.75M cost basis implies about a 19.9% drawdown from $214.5, and the 463.48 AAVE rewards equal approximately 0.59% of the 78,074 AAVE staked, per the Nansen-cited data. According to @OnchainLens, the tracked addresses linked to this activity are 0xddc4eab490469f073ab8cd5937b1a0f585687931 and 0xc1ae9aa84fdaa2511139a6bc65fdd2c6dc5ccbd3, per Nansen.

According to @bubblemaps, 80% of RNGR presale buyers are at a loss, including 2 wallets down over $100k, 70 wallets down $10k to $100k, and 7,500 wallets down $1k to $10k; source: Bubblemaps on X, Jan 12, 2026, https://twitter.com/bubblemaps/status/2010783571309707527. Based on these reported ranges, the minimum aggregate unrealized loss across the listed cohorts is at least $8.4 million and spans at least 7,572 wallets; source: Bubblemaps on X, Jan 12, 2026, https://twitter.com/bubblemaps/status/2010783571309707527. The breakdown is specific to RNGR presale participants and highlights the distribution of underwater supply relevant to trading decisions; source: Bubblemaps on X, Jan 12, 2026, https://twitter.com/bubblemaps/status/2010783571309707527.

According to @OnchainLens, as $LIT trades around $2.5, a whale holding a 1x long position is sitting on an unrealized loss exceeding $1.8M (source: Onchain Lens on X, Jan 12, 2026). The linked CoinMarketMan Hypertracker page for wallet 0xf3947384f78db54a5e0202e2d5186b7f11581072 displays the wallet and position details, indicating a negative PnL status for the $LIT long at the time of the alert (source: CoinMarketMan Hypertracker via Onchain Lens).

According to @ai_9684xtpa, a whale long approximately $310 million across BTC, ETH, SOL, and XRP is showing an unrealized loss of $1.451 million. Source: @ai_9684xtpa on X; hyperbot.network/trader/0x94d3735543ecb3d339064151118644501c933814 The whale’s $46.43 million SOL long is the largest drag, with a paper loss of about $817,000, and the address added more SOL two hours earlier. Source: @ai_9684xtpa on X; hyperbot.network/trader/0x94d3735543ecb3d339064151118644501c933814 From yesterday evening’s local price highs, the whale’s potential profit retraced nearly $10 million and flipped negative, highlighting SOL as the key driver of intraday PnL. Source: @ai_9684xtpa on X; hyperbot.network/trader/0x94d3735543ecb3d339064151118644501c933814

According to Lookonchain, after the Binance spot listing of $币安人生, wallet 0xfc78 spent 607.5 BNB (about $547,000) to acquire 3.27 million $币安人生, indicating a large whale entry on listing day, source: Lookonchain (X, Jan 8, 2026). At current mark-to-market of roughly $390,000 for that position, the address is sitting on an unrealized loss of about $157,000, source: Lookonchain (X, Jan 8, 2026). Based on these figures, the implied average cost is approximately $0.1675 per token and the current implied price is near $0.119, reflecting an estimated 28.7% drawdown since entry, source: Calculations from Lookonchain-reported amounts (X, Jan 8, 2026). On-chain references for the token and holder are provided via BscScan for token contract 0x924fa68a0fc644485b8df8abfa0a41c2e7744444 and holder 0xfc78, source: BscScan.

According to @OnchainLens, the wallet pension-usdt.eth holds a 3x ETH short that is now showing over $1.68 million in unrealized losses as the market rises (source: @OnchainLens on X https://twitter.com/OnchainLens/status/2008375466718113869). According to @OnchainLens, the position can be tracked via HyperBot at https://hyperbot.network/trader/0x0ddf9bae2af4b874b96d287a5ad42eb47138a902 (source: @OnchainLens on X https://twitter.com/OnchainLens/status/2008375466718113869).

According to @StockMKTNewz on Jan 5, 2026, Michael Saylor and MSTR had a 17.44 billion unrealized loss in Q4 driven by Bitcoin’s performance during the quarter (source: @StockMKTNewz). According to @StockMKTNewz, MSTR is currently trading around 1x mNAV, indicating pricing near its implied net asset value (source: @StockMKTNewz).

According to @OnchainLens citing Nansen data, Ethereum whale address 0x7abc6a3af0806fd5098dcbc95296ee91d00461dd staked 33,499 ETH valued at $106.17M. According to @OnchainLens, the wallet acquired these ETH for $113.25M and is currently carrying an unrealized loss of $7.36M, per Nansen data. According to @OnchainLens, the reported totals imply an average entry near $3,384 per ETH versus a current implied valuation around $3,170, based on Nansen figures.

According to @lookonchain, wallet 0x6b26 opened a 5x long on 79,438 ZEC with a stated notional of $39.24M over the past two days, source: @lookonchain (Jan 5, 2026). According to @lookonchain, the same wallet also opened a 10x long on 105.25M DOGE worth $15.48M during this period, source: @lookonchain (Jan 5, 2026). According to @lookonchain, these positions are currently showing an unrealized loss of $1.88M, with reference to the Hyperdash trader page for address 0x6b26f66f460fd173b009d0c7a478ca400470e03f, source: @lookonchain (Jan 5, 2026).

According to @OnchainLens, the wallet dubbed the 255 BTC sold whale expanded derivatives exposure to roughly $170M, adding BTC 10x and ETH 15x shorts, opening a new SOL 20x short, and a small SUI 10x long, source: https://twitter.com/OnchainLens/status/2007964437647650913 https://hyperbot.network/trader/0x94d3735543ecb3d339064151118644501c933814 According to @OnchainLens, cited notional sizes are 959.36 BTC about $87.68M, 17,669.478 ETH about $55.48M, 205,658 SOL about $27.53M, and 8,491.7 SUI about $14K, source: https://twitter.com/OnchainLens/status/2007964437647650913 https://hyperbot.network/trader/0x94d3735543ecb3d339064151118644501c933814 According to @OnchainLens, the account is currently showing an unrealized loss exceeding $1.5M, source: https://twitter.com/OnchainLens/status/2007964437647650913 https://hyperbot.network/trader/0x94d3735543ecb3d339064151118644501c933814 According to @OnchainLens, an earlier update recorded $109M combined BTC and ETH shorts 751.38 BTC about $68.67M and 12,909.15 ETH about $40.79M with an unrealized loss above $1.8M at that time, source: https://x.com/OnchainLens/status/2007620543747625422 https://app.coinmarketman.com/hypertracker/wallet/0x94d3735543ecb3d339064151118644501c933814 According to @OnchainLens, traders can track these leveraged BTC, ETH, and SOL positions in real time via the shared dashboards for monitoring, source: https://twitter.com/OnchainLens/status/2007964437647650913 https://hyperbot.network/trader/0x94d3735543ecb3d339064151118644501c933814

According to @ai_9684xtpa, the tracked ETH short position has increased to 21,820.69 ETH, valued at $66.51M, with an unrealized loss of $719K as of Jan 2, 2026, source: @ai_9684xtpa on X, Jan 2, 2026. These figures imply a current mark price near $3,049 per ETH (66.51M / 21,820.69) and an adverse move of roughly 1.08% ($0.719M / $66.51M), source: @ai_9684xtpa on X, Jan 2, 2026. Position sensitivity is approximately $665K per 1% ETH price change given the $66.51M notional, a practical reference for intraday risk and stop placement, source: @ai_9684xtpa on X, Jan 2, 2026. Traders can monitor the implied $3,049 reference level to gauge pressure on this growing short, source: @ai_9684xtpa on X, Jan 2, 2026.

According to @simplykashif, over 7 million BTC, around 33% of all Bitcoin, are currently held at a loss, marking the highest loss level seen in this cycle. Source: @simplykashif on X, Dec 29, 2025.