Huo Xing Finance reported on April 2, citing Cointelegraph, that Bitcoin was trading at $66,450, about 47% below its October 2025 record high of $126,000, leaving many investors holding sizable paper losses. Glassnode estimates roughly 8.8 million BTC are currently "underwater," translating to around $598.7 billion in unrealized losses and accounting for more than 44% of circulating supply. Glassnode said the magnitude of the overhang resembles Q2 2022 and noted that clearing it typically requires coins to move from loss-bearing holders to new buyers willing to step in at lower prices. The firm also pointed to rising realized losses among long-term holders (coins held for more than 155 days), with daily realized losses climbing to about $200 million. Glassnode characterized the move as "confirmation of active stop-loss selling" and said a sustained drop below $25 million per day would be a stronger sign that selling pressure has largely been exhausted—a setup that has historically preceded market bottoms and subsequent bull-market transitions. Bitcoin's spot price remains below the average cost basis of U.S. spot Bitcoin ETF holders, estimated at $83,408, suggesting mounting stress for that cohort. For the week ended March 27, global Bitcoin investment products posted net outflows of more than $194 million. Demand indicators continue to lean bearish. Capriole Investment's apparent Bitcoin demand gauge was 1,623 BTC on Thursday, pointing to seller control. CryptoQuant said the demand contraction since late November 2025 "confirms the broader market remains in a distribution phase." The Coinbase Premium Index also remains negative, indicating U.S. investors have yet to return in meaningful size.

Public bitcoin miners and corporate treasury holders are stepping up sales of their BTC reserves, extending a liquidation trend that has picked up since bitcoin's pullback began in October 2025. Riot Platforms was reported to have moved 500 BTC worth $34.13 million on April 2, a transfer widely viewed as positioning coins for sale. The move follows MARA's recent disposal of 15.1K BTC—valued at more than $1 billion—aimed at reducing debt. Riot's selling comes as listed miners increasingly diversify toward AI and look to optimize capital operations. Riot held 19,368 BTC as of late 2025, but that figure fell to about 18K BTC in January 2026, implying it offloaded more than 1.3K BTC. If the latest 500 BTC sale is confirmed, its holdings would drop to roughly 17,500 BTC, valued at over $1.26 billion. Treasury-focused firms also cut exposure. Arkham data shows Empery Digital (formerly Volcon) sold 1,795 BTC worth $122.53 million via Gemini. The transaction represented the company's remaining bitcoin, effectively clearing out its broader 4.1K BTC stash. Bitcoin Treasuries data indicates public companies' combined holdings fell from 1.07 million BTC to 1.06 million over the past week. That equates to about 10K BTC sold, or roughly a 1% decline. The selling coincided with near-term pressure on price. Over the past 24 hours, BTC was rejected near $69,000 and slid nearly 3% to $66,000 after the more than $150 million in sales attributed to Riot and Empery Digital. Whale distribution adds to pressure The corporate and miner sales align with a broader trend of large holders turning into net sellers. CryptoQuant data shows whale cohorts holding 1K–10K BTC have shifted into net distribution, pointing to what it describes as "structural selling pressure" rather than a short-term move. On a one-year basis, whale holdings swung from about +200K BTC at the 2024 bull-market peak to roughly -188K BTC today, marking one of the most aggressive large-holder distribution cycles on record. Final Summary Bitcoin treasury firms sold about 10K BTC over the past week, led by Empery Digital and Riot Platforms. At the same time, whale selling has intensified, with 1K–10K BTC holders distributing roughly 188K BTC in early 2026.