Strategy said in a Form 8K filed with the U.S. Securities and Exchange Commission that it recorded about $14.46 billion in unrealized losses on its Bitcoin holdings in Q1 2026. The company also reported about $2.42 billion in deferred tax assets tied to those losses, which partially reduced the impact. It added to its Bitcoin holdings in early April.

Empery Digital said on April 6 that it sold 370 bitcoins last week at an average price of $66,632, generating about $24.7 million in proceeds and bringing its total bitcoin holdings down to 2,989, below the 3,000 threshold. The company has also spent roughly $142 million to repurchase 24,640,671 common shares. Empery Digital expects to continue selling bitcoin to finance additional share buybacks and to repay part of its debt.

Bitcoin holders with balances between 100 and 10,000 BTC recorded realized losses totaling $30.9B during Q1 2026.

Strategy said it recorded an unrealized loss of $14.5 billion on its bitcoin holdings for the first quarter of 2026.

Bitcoin (BTC) was trading close to $67,000 at publication, up 3.2%, as price resilience contrasted with still-depressed sentiment. The Crypto Fear & Greed Index stayed at 13, pointing to continued risk aversion even as BTC held firm—a sign that recent strength is being driven more by positioning than a broad improvement in mood. Derivatives positioning also looked contained. Open interest climbed 5.3% to $49.6 billion, while funding rates remained slightly positive, suggesting exposure is being added without aggressive overheating. Liquidations totaled about $111 million, yet the market avoided a knock-on unwind, indicating leverage conditions remained relatively stable. Volatility also stayed muted: Bitcoin’s DVOL read 47%, implying expectations of future movement rather than acute stress in the present. On-chain indicators point to limited sell pressure from longer-term holders. Coin Days Destroyed (CDD) was about 2.48 million, and average dormancy stood at 24 days, consistent with older coins staying inactive despite current conditions. With that supply remaining sidelined, spot demand has been absorbing available selling at a steady pace. Cumulative volume delta has turned more constructive and exchange flows appear balanced, helping dampen sharp swings. Binary CDD reinforces the picture. The metric was 0.14 at the time of writing, well below prior stress spikes of 0.71 and 0.42, suggesting long-term holders are not distributing into uncertainty. BTC also held near $67,000 even as oil prices reportedly swung from $141 to $109, highlighting macro turbulence without triggering notable internal selling. Overall, Bitcoin’s stability reflects measured leverage and consistent spot demand, with $49.6 billion in open interest underpinning price action near $67,000. With supply constrained and Binary CDD low, the setup remains tight—and a change in positioning or holder behavior could quickly translate into a volatility surge.

Bitcoin’s mining sector is showing the kind of financial strain that often precedes a washout, yet a crucial element of the typical reset has not fully arrived: large, publicly traded miners are still selling sizable amounts of BTC, keeping fresh supply flowing into the market. CoinShares' Q1 2026 mining report highlights how quickly economics deteriorated. Hashprice fell from about $63 per PH/s/day in July 2025 to roughly $28–$30 by early March 2026, squeezing revenues enough to push a meaningful portion of the global fleet into the red. At those levels, CoinShares estimates around 15% to 20% of miners were operating at a loss, giving this cycle a clear cost-driven trigger rather than a sentiment-only narrative. That matters because miners are a persistent source of Bitcoin supply. When margins collapse, operators are more likely to sell newly mined coins or tap reserves to cover expenses such as power, payroll, hosting, equipment financing, and debt maturities—obligations typically denominated in dollars. Network data suggest the stress is starting to force weaker operators out. CoinWarz shows Bitcoin difficulty down 4.19% over the past 30 days and 6.27% over the past 90 days, with another adjustment projected for April 18, 2026. Falling difficulty often signals machines going offline and consolidation toward better-capitalized miners, a pattern commonly associated with the later stages of miner capitulation. The key missing piece is what usually follows: a broad shift from forced selling to treasury stabilization. The most market-relevant change occurs when miners stop liquidating large portions of their holdings to fund operations, service debt, or expand. Recent disclosures indicate that pivot is not yet widespread: - Riot Platforms produced 1,473 BTC in Q1 2026 but sold 3,778 BTC, ending the quarter with 15,680 BTC on its balance sheet. - MARA sold 15,133 BTC between March 4 and March 25, linked to debt repurchases totaling about $1 billion. - CleanSpark produced 568 BTC in February and sold 553.02 BTC, nearly its entire monthly output. This dynamic is also visible in the broader reserve picture. CryptoSlate reported in February that miner-linked wallets held about 1.801 million BTC, while the dollar value of those reserves fell more than 20% over roughly two months to around $133 billion. Against that backdrop, Bitcoin's price has firmed but remains well below prior highs. CryptoSlate data show BTC at $69,900, up 4.38% over 24 hours, 3.63% over seven days, and 2.81% over 30 days, still 44.61% beneath the Oct. 6, 2025 all-time high of $126,198. The rebound has revived bottoming talk, but the distance from the peak keeps many miners under financial pressure. Looking ahead, three factors are likely to determine whether miners return to accumulation or continue supplying the market. 1) Difficulty relief: Lower difficulty increases surviving miners' share of rewards and can ease margin pressure. The April 18, 2026 adjustment has become a focal point; a larger cut could accelerate shakeouts and concentrate production among firms that can better choose when to sell. 2) External demand, notably U.S. spot Bitcoin ETFs: Farside data show net inflows of $69.4 million on March 30 and $117.5 million on March 31, followed by a $173.7 million outflow on April 1 and a $9 million inflow on April 2. Positive but uneven flows can help absorb miner supply, while choppy demand leaves less buffer. 3) A structural shift toward AI revenue: CoinShares says listed miners could generate as much as 70% of revenue from AI by the end of 2026, up from roughly 30% today. More than $70 billion in GPU colocation and cloud-related deals were announced across 2025 and early 2026, positioning mining firms as broader infrastructure plays. That shift can change incentives: some operators may keep selling BTC even if mining economics improve, choosing to pay down debt or fund AI-oriented expansion instead of rebuilding treasuries. The market now sits in a narrow middle ground. Difficulty is easing and weaker miners appear to be exiting, bringing the sector closer to a classic washout milestone. Yet the behavior that typically tightens supply—major operators selling less than they produce and stabilizing treasuries—has not clearly emerged. Until treasury sales visibly slow, miners remain a meaningful source of selling pressure even as the conditions for a deeper reset begin to take shape.

Strive has purchased 113 Bitcoin, taking its total holdings to 13,791 $BTC.

Jack Dorsey's Block said it will give away $1 million worth of bitcoin, aiming to "help people actually use bitcoin in everyday life."

Glassnode data show large Bitcoin holders took a significant hit in the first quarter of 2026, with so-called whales and sharks collectively realizing about $30.9 billion in losses as bearish conditions persisted through February and March. By wallet cohort, whales—addresses holding 1,000–10,000 BTC—posted average daily realized losses of $147.5 million in Q1 2026. Sharks—addresses with 100–1,000 BTC—fared worse on a daily basis, averaging $188.5 million in losses. Glassnode’s figures suggest this is the heaviest whale drawdown since 2022, making Q1 2026 the weakest quarter for Bitcoin in roughly four years. CryptoQuant’s profitability metrics echo the strain on longer-term investors. The long-term holder SOPR has remained below 0.88 for the past three weeks, while the short-term holder SOPR has hovered near break-even. The gap indicates long-term holders have been realizing deeper losses than short-term participants, a shift that points to waning conviction and rising forced selling. Historically, similar patterns have coincided with capitulation events. CryptoQuant estimates that long-term holders selling during Q1 2026 did so at roughly a 25% loss on the coins they moved, raising concerns that further capitulation could undermine Bitcoin’s current support. Attention is also on exchange reserves as a signal for near-term supply dynamics. Bitcoin exchange reserves rose sharply in the final week of March 2026 but have eased since, consistent with coins continuing to move off exchanges. Reserves, though, have yet to drop below March 2026 levels. Price action has held up around $65,000, with February and mid-March downside appearing less severe than January. The market’s relatively sideways trading resembles the consolidation seen from mid-November 2025 to mid-January 2026, a period that ended with bearish capitulation in early February. With Q1 data confirming even the largest holders were not insulated, the next move may hinge on whether fresh capitulation materializes. Analysts continue to weigh macroeconomic and geopolitical developments as potential liquidity drivers. Market sentiment remains tense, and traders are watching social activity and positioning for signs of a near-term directional break. Source: The Coin Republic.