More than 13.5 million Bitcoin addresses held coins at an unrealized loss as of April 13, 2026, according to Glassnode data, following a 41 percent drawdown from November 2025 highs above 120,000 USD to the current spot price near 70,800 USD that erased millionaire-threshold status from 20,590 wallet addresses across the first quarter.
TLDR
- Glassnode records 13.5 million Bitcoin addresses in unrealized loss as of April 13, 2026, with Bitcoin trading near 70,800 USD.
- The count of addresses holding at least 1 million USD in Bitcoin fell from 148,084 to 127,494 between January 1 and March 31, 2026, a reduction of 20,590.
- Addresses holding 100 to 10,000 BTC averaged 337 million USD in daily realized losses during Q1 2026, the highest quarterly figure for these cohorts since 2022.
- Network-wide daily realized losses have contracted to approximately 400 million USD from a peak near 2 billion USD earlier in the correction.
- Approximately 22.5 percent of the total Bitcoin supply sat in unrealized loss as of April 11, 2026.
- The profit-to-loss ratio has returned above 1.0 in recent sessions, signaling an early shift in network-wide realization behavior.
WHY IT MATTERS
Bitcoin’s Q1 2026 correction removed 20,590 addresses from millionaire status and pushed 13.5 million into unrealized loss. The scale of that exposure is measurable, not theoretical.
Realized losses contracting from 2 billion USD per day to 400 million USD signals that cost-basis-impaired holders have largely completed their exit activity for this correction phase. When that volume compresses, the network stops generating fresh confirmed loss events at pace.
The profit-to-loss ratio crossing above 1.0 reflects a structural shift in who is transacting and at what cost basis. That data point, alongside supply-in-loss at 22.5 percent, gives analysts a quantifiable read on where the network stands in its realization cycle, inputs that feed directly into BTC price prediction models tracking cycle-phase transitions.
The 20,590 address reduction is not a sentiment indicator. It is a USD-denominated accounting of how many on-chain positions fell below the threshold during a defined calendar period. That is the number that matters.
Glassnode Addresses-in-Loss Metric
Glassnode defines the addresses-in-loss metric as the count of unique on-chain addresses whose average acquisition cost exceeds the current spot price of Bitcoin. As of April 13, 2026, that figure stands at 13.5 million.
The reading follows a price decline from highs above 120,000 USD recorded in late 2025 to the current range near 70,800 USD. The drawdown spans approximately 41 percent from peak to present levels.
The metric excludes exchange-held balances and focuses on distinct wallet addresses. It does not aggregate by entity, meaning individual holders operating multiple wallets are counted across each address separately.
Reduction in High-Net-Worth Addresses
Finbold analysis records that the count of Bitcoin addresses holding a balance equivalent to at least 1 million USD fell from 148,084 on January 1, 2026, to 127,494 on March 31, 2026. The net reduction stands at 20,590 addresses over the quarter.
Finbold attributes the decline primarily to price depreciation rather than large-scale on-chain transfers out of those wallets. As the spot price fell, portfolio values denominated in USD crossed below the 1 million USD threshold without requiring any asset movement.
Addresses in the 1 million to 10 million USD bracket recorded the largest absolute share of the decline during the period.
Realized Losses by Wallet Cohort
Glassnode data shows that addresses holding between 100 and 10,000 BTC realized an average of 337 million USD in daily losses across Q1 2026. This represents the highest quarterly daily average for these cohorts since 2022.
Within that range, addresses holding 100 to 1,000 BTC accounted for 188.5 million USD per day. Addresses in the 1,000 to 10,000 BTC bracket contributed 147.5 million USD per day.
Realized loss figures reflect coins moved on-chain at prices below their acquisition cost, converting unrealized exposure into confirmed loss events recorded on the blockchain.
Network-Wide Realized Loss Trajectory
Across the full Bitcoin network, daily realized losses have declined from a peak near 2 billion USD recorded during the earlier phase of the price correction to approximately 400 million USD in recent sessions.
The contraction in realized loss volume indicates that fewer holders are exiting positions at a loss relative to the correction’s peak period. The profit-to-loss ratio has moved above 1.0 in recent sessions.
A ratio above 1.0 indicates that the USD value of coins moved at a profit exceeds the value moved at a loss on a given day. This shift does not confirm a directional trend reversal in price but reflects a change in on-chain realization behavior.
Bitcoin Supply in Unrealized Loss
As of April 11, 2026, approximately 22.5 percent of the total circulating Bitcoin supply is held at an unrealized loss. This means the coins were last moved on-chain at prices above 70,800 USD.
The figure represents the share of supply that would generate a confirmed loss if transferred at current spot prices. It does not indicate forced selling pressure but measures the scale of latent exposure across the network.
Historical comparisons show that supply-in-loss readings above 20 percent have corresponded with periods of elevated realization activity, though the pace of realization varies by market structure and holder composition.
Data Points Under Active Monitoring
On-chain analysts are tracking whether the 13.5 million addresses-in-loss count begins a sustained decline, which would indicate that either price recovery is absorbing underwater positions or that holders are exiting those positions through on-chain transfers.
Realized loss volume contraction is the second primary variable. A continued reduction toward baseline levels would suggest the correction-phase realization cycle is closing. An acceleration would indicate renewed distribution from cost-basis-impaired cohorts.
The millionaire-address count serves as a secondary indicator of wealth concentration changes within the network, with its recovery pace tied directly to Bitcoin’s USD-denominated spot price relative to each address’s acquisition cost.
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Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrency markets are volatile, and readers should conduct their own research before making financial decisions.
