Bitcoin's Break-Even Trap Continues to Deter Buyers

The current state of the cryptocurrency market has left many potential buyers hesitant to invest in Bitcoin. According to recent data from Glassnode, a significant portion of the circulating supply is currently worth less than what its holders paid for it.

This phenomenon, known as the 'break-even trap,' has been observed in nearly 9 million Bitcoin tokens, which equates to approximately 45% of all tokens in circulation. When prices were at their recent low of around $62,800, this number increased to almost 10 million coins, essentially half the supply being underwater.

This situation suggests that buyer psychology is being significantly impacted, with many individuals unable or unwilling to purchase Bitcoin despite its relatively stable price. The persistence of this issue for weeks now may indicate that it is more than just a temporary concern.