Bitcoin whales and sharks have realized significant losses in the first quarter of 2026, with on-chain data from Glassnode revealing daily losses of $188.5 million for sharks holding 100–1,000 BTC and $147.5 million for whales holding 1,000–10,000 BTC. This amounts to a total of approximately $337 million in daily losses. Year-to-date, cumulative realized losses have reached $30.9 billion, approaching levels seen during the 2022 bear market. The selling pressure is attributed to rising macroeconomic risks, including inflation expectations and AI-related trading congestion, alongside weakening market sentiment. Large holders are accelerating stop-loss exits, while long-term holders continue to experience elevated daily losses of around $200 million. Despite these pressures, institutions warn of further downside risk for Bitcoin, with some predicting a potential bottom range between $40,000 and $50,000.