Nearly Half of Bitcoin's Circulating Supply Now Held at a Loss

Crypto market analytics platform CryptoQuant has reported that approximately 9.09 million Bitcoin (BTC) coins are currently being held at a loss, accounting for nearly half of the cryptocurrency's circulating supply.

This is the highest loss concentration since mid-2022, when the price of Bitcoin plummeted from around $60,000 to below $20,000 following the collapse of Luna and FTX. At that time, about 10 million coins were underwater.

However, the current situation is distinct in that the losses are being incurred at a significantly higher price level than before. The report notes that the adjusted realized price of Bitcoin is currently near $72,700, meaning that many holders who bought during the 2024 to 2025 rally (around $80,000 to $108,000) are now underwater.

The data suggests that this could be a cycle-top cost-basis overhang, where coins bought at peak prices are now defining the loss cohort and may sell first. This can create predictable market dynamics, with holders facing pressure to cut losses or hold through volatility.