Bitcoin holders face $59.87 billion in unrealized losses as retail selling pressure continues.

ChainCatcher report: On Thursday, Bitcoin traded at $66,450, with approximately 44% of the circulating supply in a loss position, accumulating an unrealized loss of about $59.87 billion (roughly 8.8 million BTC), exerting downward pressure on market sentiment, as data indicates continued weak demand. Glassnode notes that this scale of supply overhang is similar to the second quarter of 2022, when approximately 3 million BTC needed to be redistributed before market recovery could occur. Long-term holders (LTHs) have begun selling below their cost basis, with Bitcoin LTH realized losses totaling $200 million, signaling a positive “sell-off capitulation” indicator. The current BTC price also remains below the average cost of $83,408 for holders of U.S. spot Bitcoin ETFs, further indicating investor pressure. Reduced market risk appetite is reflected in outflows from investment products, with net outflows exceeding $194 million for the week ending March 27. The Capriole Investment indicator shows Bitcoin’s apparent demand at -1,623 BTC, while CryptoQuant confirms that retail selling remains dominant and the market is in a prolonged distribution phase. The Coinbase premium index remains negative, indicating that U.S. investors have not yet entered en masse, consistent with the trend of contracting on-chain demand.