We often talk about supply when measuring profits and losses. However, it is just as important to analyze profits and losses through the lens of invested capital. While the amount of BTC held at a profit or loss can influence market behavior, the capital deployed to gain exposure to Bitcoin often provides even deeper insight. 💥 Currently, the amount of invested capital sitting at a loss has reached a record high of $920 billion. After all, 1 BTC purchased at $126,000 does not represent the same investment as 1 BTC purchased at $1. The larger the capital committed, the more difficult it can become for investors to withstand prolonged drawdowns. 🟢 Meanwhile, only $153 billion of the total invested capital remains in profit. This is largely because older coins were acquired at significantly lower prices and therefore require far less capital to maintain unrealized gains. 👉 From a capital perspective, the bear market is hitting investors' portfolios particularly hard.