Bitcoin is facing sustained selling pressure, with on-chain data from Glassnode showing the longest streak of consecutive daily net realized losses since mid-August. The firm has identified $75,000 as a key level for the market to hold, while roughly $707 billion in Bitcoin capital now sits at a loss against $380 billion in profit. At the same time, Binance's 30-day average retail inflows have fallen to 281 BTC, far below cycle peaks of about 2,700 BTC, as exchange-traded funds and shifting investor behavior reshape how retail participants access the market.

Glassnode: Longest Loss Streak Since August

According to Glassnode's post on X, last week recorded Bitcoin's longest consecutive run of daily net realized losses since mid-August, with sellers continuing to lock in losses as BTC traded below $80,000.

The metric itself explains why the streak stands out: realized losses are recorded when coins move on-chain at a price below their previous transaction level, so consecutive daily net losses capture uninterrupted loss-taking by investors who are accepting lower prices rather than waiting out the drawdown.

The firm noted that previous loss clusters in August and September both formed around local price lows, and that holding above $75,000 would be consistent with the same pattern. This places the $75,000 level at the center of Glassnode's current market assessment, and gives observers a concrete marker for judging whether the August–September sequence is repeating.

The pressure is also visible in Bitcoin's profitability data. Approximately $707 billion worth of BTC investments remain underwater, compared with $380 billion held in profit, meaning the market carries nearly twice as much capital at a loss as it does in gains. That imbalance leaves an unusually broad base of holders with cost bases above the current price, a dynamic Darkfost ties directly to slower market expansion after bear markets.

Binance Retail Inflows Fall to 281 BTC

Analyst Darkfost reported that Binance's 30-day average retail Bitcoin inflows have dropped to just 281 BTC. Deposits from smaller investors have declined steadily since 2018, with daily spikes becoming less frequent.

Exchange deposits have long served as one of the most direct gauges of retail demand, since smaller investors historically moved coins onto exchanges before trading. Their steady decline means the gauge now captures a shrinking share of retail activity, a structural shift worth keeping in mind when comparing current readings with past cycles.

The contrast with earlier cycles is stark. During the 2019–2021 cycle, average monthly inflows peaked around 2,700 BTC. Retail deposits climbed to 1,900 BTC following the FTX collapse in early 2023, while the market tops of March and December 2024 produced smaller spikes between 900 and 1,200 BTC.

Darkfost observed that Bitcoin's current valuation is five times higher than its bear market low, yet retail inflows are now five times lower.

ETFs and Regulation Reshape Retail Activity

Darkfost identified the January 2024 launch of spot Bitcoin ETFs as a possible driver of the decline in exchange deposits. At launch, average retail inflows still stood around 1,000 BTC. ETFs gave investors market exposure without the security risks of self-custody, while tighter U.S. and European regulations made exchange access more complex.

Behavioral shifts also appear to play a role. Some retail investors now prefer to hold Bitcoin through price fluctuations, while others use BTC for payments, though Darkfost characterized the latter activity as anecdotal.

He added that capital held at a loss can restrain market expansion after bear markets, noting that restoring profitability across the market can take several months. Taken together, the readings leave market watchers with two markers to follow: whether Bitcoin holds the $75,000 level Glassnode flagged, and whether exchange inflows continue to fade as ETF channels mature.