As the bear market persists, Bitcoin whales are facing significant unrealized losses, raising concerns about potential further declines in the cryptocurrency's price. As pointed out in the source, it is important to note that recent analysis highlights the impact of the ongoing market correction on this influential group of investors.
Unrealized Profits of Bitcoin Whales Diminished
Crypto analyst Darkfost reports that the unrealized profits of Bitcoin whales are being substantially diminished due to the current market conditions. The Net Unrealized Profit/Loss (NUPL) metric, which measures the profitability of holders, indicates a troubling trend, with the NUPL value for these large investors hovering around 0.2 as of February 2026.
Implications for the Market
This figure suggests that Bitcoin whales are approaching a state of zero unrealized profits, a scenario that could trigger market capitulation. If these large holders decide to sell off their assets to mitigate losses, it could exert additional downward pressure on Bitcoin's price, exacerbating the ongoing bear market.
While Bitcoin whales are grappling with unrealized losses amid a bear market, Ethereum whales have been actively accumulating ETH, as highlighted in the latest report.
