Bitcoin price slides to $76K as whale distribution and $600M losses

Bitcoin slipped to about $76,000 on Monday, a 7% drop from its recent high of $82,800, and the on‑chain data shows whales moving from accumulation to distribution while realized losses surged past $600 million [2].

Glassnode’s metrics reveal that the yearly absorption rate for large holders (over 1,000 BTC) fell to –151%, the lowest level on record, indicating that whales are selling more than the newly minted supply they receive. At the same time, the absorption rate for exchanges improved to –75% from below –100% in April, but the overall trend score—Glassnode’s Accumulation Trend Score (ATS)—hovered near zero, suggesting a broad shift from buying to selling across all investor cohorts [2].

CryptoQuant’s research corroborates the on‑chain picture. Its “apparent demand” metric, which tracks 30‑day spot purchases, stayed negative throughout April even as perpetual futures demand rose, a divergence the firm warns often precedes price corrections. Julio Moreno, head of research at CryptoQuant, notes that similar configurations appeared at the start of the 2022 bear market and typically resolve via a correction once futures positions unwind [1].

The $600 million loss figure reflects both long‑term holders (LTHs) and short‑term holders (STHs) realizing losses—$513.6 million and $101.8 million respectively—on the day Bitcoin fell to $76,000, marking the largest single‑day loss since March and a more than 1,500% jump from the previous day’s $41.5 million [2].

These dynamics come as net inflows into Bitcoin ETFs reached $1.9 billion in April, pushing total assets to $100.53 billion, while treasury companies added roughly 58,000 BTC worth $4.4 billion at month‑end prices [1]. Yet the surge in ETF inflows has not translated into spot buying, and the growing distribution by whales suggests that the recent rally may be built on leverage rather than fresh accumulation.

If Bitcoin can hold near the $76,000 level, the market may stabilize; a further break could trigger more whale selling and deepen the correction. The key question is whether the current distribution phase is a short‑term pause or the start of a longer downtrend.