Bitcoin supply in loss overtakes profit, a hallmark of bear-market bottoms
Summary
Bitcoin’s supply in unrealized loss rose above 10 million BTC, more than half of circulating supply, after price fell to about $61,300. Supply in profit dropped to roughly 9.8 million BTC, marking the first time in this cycle that more bitcoin is held at a loss than at a profit. Historically, this shift has appeared during deep bear markets and often near major bottoms, though the duration has varied widely across cycles. The price also touched the 200-week moving average near $61,300, a long-term support level that has often held in past bear markets. If bitcoin breaks below $60,000, the next major support is around $54,000, near the realized price, which has typically acted as a bear-market floor.
