With BTC at ~$70.8k, around 13.5 million addresses are currently in loss. This indicates that a meaningful share of the network accumulated above current spot levels. From an on-chain perspective, a non-trivial portion of supply is now underwater. When the number of addresses in loss remains elevated, the market tends to operate in a more sensitive environment: any price recovery can bring part of that supply back toward break-even, potentially influencing holder behavior. This is not a metric to read in isolation, but it is useful to understand how much supply is still being absorbed from higher levels. #BTC #Bitcoin #OnChain #CryptoAnalytics
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