44% of Bitcoin’s circulating supply is in loss, with holders facing $598.7 billion in unrealized losses.

Huo Xing Finance reports that, on April 2, according to Cointelegraph, Bitcoin is trading at $66,450, down 47% from its all-time high of $126,000 in October 2025, leaving holders with substantial unrealized losses. Glassnode data shows that approximately 8.8 million BTC are currently underwater, representing an unrealized loss of about $598.7 billion—over 44% of the circulating supply. Glassnode notes that the scale of these losses is structurally similar to the situation in Q2 2022: “Historically, resolving such a large supply overhang requires significant holdings to flow from loss-bearing holders to new buyers entering at lower prices.” The realized daily loss among long-term holders (those holding for over 155 days) has risen to $200 million, which Glassnode describes as “confirmation of active stop-loss selling,” adding that a meaningful decline below $25 million per day would be a more compelling signal of exhausted selling pressure—and a historical precursor to market bottoms preceding bull market transitions. Bitcoin’s spot price also remains below the average cost basis of U.S. spot Bitcoin ETF holders at $83,408, indicating mounting pressure on this investor segment. For the week ending March 27, global Bitcoin investment products recorded net outflows exceeding $194 million. On the demand side, Capriole Investment’s apparent Bitcoin demand indicator stood at -1,623 BTC on Thursday, signaling seller dominance. CryptoQuant notes that the demand contraction since late November 2025 “confirms the broader market remains in a distribution phase.” The Coinbase Premium Index remains negative, “indicating that U.S. investors have not yet returned to the market in significant numbers.”