Bitcoin Supply at Loss Hits New Cycle High
- The Bitcoin supply in loss has reached 6.7 million BTC, the highest level observed in this cycle.
- This amount represents approximately 23.7% of the circulating supply currently underwater.
- Of the loss-bearing supply, long-term holders account for about 10.2%, while short-term holders represent around 13.5%.
- The Bitcoin price remains below key levels, with heavy sell pressure capping recovery attempts.
- Spot market demand is uneven, with US-based investors showing steadier participation compared to other venues.
As Bitcoin trades below $90,000, Glassnode reports a significant portion of its supply is at a loss, reflecting early bearish cycle phases and potential capitulation risks if prices dip further. The uneven spot market demand highlights selective engagement rather than broad accumulation across venues.
The current state of Bitcoin’s supply and market dynamics suggests caution as recovery efforts face substantial resistance due to heavy overhead sell pressure and unstable spot demand patterns.
