Bitcoin's unrealized loss ratio exceeds 39%, analysts say the market enters the 'beginning of the test'.

KuCoinFlash

Release Time: 02/28/2026 09:01:02

BTC

$64,083.00-2.96%

Summary

Bitcoin analysis from February 28, 2026, shows the unrealized loss ratio has surpassed 39%, according to CryptoQuant’s @AxelAdlerJr. This indicates that many Bitcoin holders are currently at a loss. The market is under active pressure but has not yet reached full capitulation. Historical Bitcoin data shows similar levels preceding the 2018 and 2022 lows, suggesting weak hands may be exiting as the cycle bottom approaches.

BlockBeats news, on February 28, CryptoQuant analyst @AxelAdlerJr immediately posted following today’s Bitcoin decline, stating that the current percentage of unrealized losses for Bitcoin has exceeded 39%, meaning a significant portion of buyers are currently in an unrealized loss position. The market is entering a phase of active pressure but has not yet reached a full capitulation stage. There is still room for recovery before a full-scale collapse.

Historical data shows that this indicator reached above 40% near the bottoms of the bear markets in 2018 and 2022; this level suggests that weak positions are being gradually unwound, potentially signaling proximity to the cycle low.

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