Bitcoin's Price Drop Leaves Half of Circulating Supply at a Loss

Bitcoin's price drop has left more than half of its circulating supply at a loss for the first time since the last bear market. According to K33 Research, a Norwegian crypto research house, this threshold was only reached near major lows in previous bear markets. In fact, Bitcoin formed a bottom within 31 days during the bear markets of 2011, 2018, and 2022, but it took 101 days in 2014.

The sell-off has accelerated with record outflows of 85,643 BTC from exchange-traded products over four weeks. K33 maintains USD 60,000 as the cycle low, while market maker Wintermute warns against premature calls for a bottom.