44% nguồn cung lưu thông của bitcoin đang ở trạng thái lỗ, người nắm giữ đối mặt với tổn thất chưa thực hiện 598,7 tỷ USD

The Huoxing Finance report states that on April 2, according to Cointelegraph, Bitcoin is currently trading at $66,450, down 47% from its all-time high of $126,000 in October 2025, leaving holders facing massive unrealized losses. Glassnode data shows that approximately 8.8 million BTC are currently underwater, corresponding to an unrealized loss of about $598.7 billion, accounting for over 44% of the circulating supply. Glassnode notes that the scale of these losses is structurally similar to the situation in the second quarter of 2022: “Historically, resolving this level of supply overhang requires substantial holdings to flow from loss-holding holders to new buyers entering at lower prices.” The realized loss among long-term holders (holding for over 155 days) has risen to $200 million per day, which Glassnode calls “confirmation of active stop-loss selling,” and notes that a meaningful decline of this metric below $25 million per day would be a more compelling signal of exhausted selling pressure and a prerequisite for historical bottoms preceding bull market transitions. Bitcoin’s spot price is also below the average cost basis of U.S. spot Bitcoin ETF holders at $83,408, indicating increasing pressure on this group of investors. For the week ending March 27, global Bitcoin investment products recorded net outflows exceeding $194 million. On the demand side, Capriole Investment’s Bitcoin apparent demand indicator stood at -1,623 BTC on Thursday, indicating a seller-dominated market. CryptoQuant points out that the demand contraction since late November 2025 “confirms that 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 large numbers.”