Bitcoin holders realized a net loss over a 30-day period, which was dominated by realized gains for more than two years, the first time this has happened since late 2023.
According to data shared by Julio Moreno, head of research at CryptoQuant, Bitcoin (BTC) The 30-day rolling realized P&L indicator is below zero, indicating that coins moved on-chain over the past month were sold for less than their purchase cost.
“Bitcoin holders realized 30-day losses in late December for the first time since October 2023,” Moreno wrote on X.
According to CryptoQuant, the Net Realized Gain/Loss indicator indicates the magnitude of the net gain or loss realized by all holders using the coin. Negative numbers do not necessarily mean a decline in price, but suggest increasingly selling pressure from holders who bought at higher levels.
Bitcoin net realized profit/loss indicator. sauce: Julio Moreno
Related: Bitcoin institutional demand remains strong: CryptoQuant
Gold hits record high as global tensions rise
Gold soared above $4,700 an ounce for the first time as rising geopolitical tensions continue to push investors toward traditional safe-haven assets amid renewed pressure on Bitcoin and digital assets.
On Tuesday, spot gold rose to a record high of $4,701.23 before falling slightly, and U.S. gold futures also set a new record. Silver followed suit, reaching $94.72 an ounce at one point before trading near historic highs.
The rise in precious metal prices came as global sentiment soured following new tariff threats from US President Donald Trump, who threatened new trade measures against European allies if Denmark did not agree to cede Greenland, reigniting concerns about broader trade tensions.
According to Bitfinex, the performance divergence has caused the Bitcoin-to-gold ratio to decline sharply, dropping more than 50% from its F4 peak. “Last time I was here, BTC It showed better performance than gold. “This cross is worth keeping an eye on as liquidity increases in 2026,” the analyst wrote on X.
Bitcoin to gold ratio. sauce: bitfinex
Related: Bitcoin falls, gold futures rise as Europe faces threat of ‘trade bazooka’
Spot Bitcoin ETF bleeds as tensions rise
The U.S.-listed Spot Bitcoin exchange-traded fund (ETF) also recorded net outflows of $394.7 million on Monday, ending a four-day streak of inflows that had brought more than $1.8 billion into the product, according to data from SoSoValue.
“With President Trump’s aggressive trading rhetoric, the market is returning to full risk-averse mode,” Valr co-founder and CEO Farzam Ehsani said in a recent note shared with Cointelegraph.
Ehsani added that tariff threats and retaliatory measures have historically created “significant headwinds for digital assets and other risk assets.”
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