46% Of Bitcoin Supply Held At A Loss As 9.31 Million BTC Sit Underwater Near Potential Bottom

On-chain data indicates that 9.31 million BTC, or 46% of Bitcoin's circulating supply, is currently at a net unrealized loss. Analyst Maartunn argues that this large overhang of underwater coins, concentrated around the $80,000–$95,000 and $105,000–$120,000 ranges, may need to be absorbed by stronger holders before a durable price bottom can form. Bitcoin is presently moving sideways after rebounding from the $60,000 area and is trading near $68,600.