44% of the circulating Bitcoin supply is currently at a loss, with holders facing approximately $600 billion in unrealized losses.

BlockBeats message, April 2, according to Cointelegraph, Bitcoin is currently trading at $66,450, down 47% from the all-time high of $126,000 in October 2025, and holders are facing substantial unrealized losses. Data from Glassnode shows that around 8.8 million BTC are currently in a loss position, corresponding to unrealized losses of about $598.7 billion, accounting for more than 44% of circulating supply. Glassnode noted that losses of this magnitude are structurally highly similar to the situation in the second quarter of 2022: “Historically, resolving a supply overhang of this scale requires a large amount of positions to move from loss-making holders to new buyers entering at lower prices.”

The realized losses of long-term holders (positions held for more than 155 days) have risen to $200 million per day, and Glassnode calls this “confirmation of active stop-loss selloffs,” noting that if this metric could meaningfully fall to below $25 million per day, it would be a more convincing signal that selling pressure is exhausted—and also a prerequisite for the bottom formed in history ahead of the transition into a bull market.

Bitcoin spot prices are also below the average cost basis of holders of U.S. spot Bitcoin ETFs of $83,408, indicating that this group of investors is experiencing mounting pressure. In the week ending March 27, global Bitcoin investment products saw net outflows of more than $194 million. On the demand side, Capriole’s Bitcoin apparent demand indicator reported -1,623 BTC on Thursday, showing a seller-dominated market. CryptoQuant noted that the demand contraction continuing since late November 2025 “confirms that the broader market is still in a distribution phase.” Coinbase’s premium index has remained negative, “indicating that U.S. investors have not yet returned to the market at scale.”