Bitcoin Whales Dump Holdings, Realised Losses Hit $600M on May 21

According to on-chain data, Bitcoin whales and recent buyers sold into weakness on May 21, with BTC trading near $77,400 after sliding toward $76,000 and triggering realised losses above $600 million. The single-day loss realisation was the highest spike since March, compared with $41.5 million two days earlier, signalling that investors who bought at higher prices are now closing positions at losses rather than continuing to accumulate.

Glassnode's analysis found that spot accumulation has not returned, with negative spot CVD and weaker US institutional activity, while distribution has replaced accumulation as a structural market headwind. The firm noted that weeks or months of consolidation around the True Market Mean are usually needed before a credible transition from bear to bull conditions can be confirmed.