Bitcoin Whales Absorb Record Retail Selling Pressure Amid Supply in Loss

CryptoQuant's data reveals that Bitcoin whales have absorbed record retail selling as supply in loss hits an all-time high. According to the firm, more than half of all BTC in circulation is sitting at a loss, matching the capitulation depths of 2019 and 2022.

On-chain analysis shows that smaller holders have dropped sharply, with significant selling volume from retail. The whales absorbed every bit of it, absorbing record retail selling pressure.

The supply-in-loss chart indicates that 9.5 million BTC are in the red as of late June, aligning with the 2019 and 2022 lows on the same chart. Historically, maximum loss zones have produced maximum fear but also preceded rallies.

A second CryptoQuant QuickTake mapped the cost basis layers sitting under current price, revealing that new Bitcoin whales paid an average of $72,100 to get in. They are now around $7,900 per coin in the red, as BTC trades near $64,200.