Unrealized Bitcoin losses top 10.46 million BTC as price slips back toward $60K

CoinDesk reported that Bitcoin's pullback into the $60,000–$62,000 range has sharply compressed on-chain profit margins and pushed unrealized losses higher. According to media analysis, about 10.46 million BTC are now held at an unrealized loss—a zone that has historically tended to appear around major cycle lows. The report notes that when a large share of coins moves into loss territory, many holders become less willing to sell, which can reduce effective sell-side pressure. In past cycles, readings above 10 million BTC in unrealized losses often coincided with periods of meaningfully compressed valuation. Still, the indicator alone does not confirm a bottom. If demand can absorb supply from underwater holders, the market may transition into consolidation; if buying remains weak, further downside is possible. MVRV drops to 1.1 The MVRV valuation metric has fallen to 1.1, suggesting Bitcoin's total market cap is only slightly above the average on-chain cost basis. The analysis argues that most of the speculative premium built during the prior rally has been worked off in the correction. If prices slide toward the low $50,000s, MVRV could move closer to 1.0—a level rarely seen historically and typically associated with major cycle lows. Long-term holders return to net accumulation On-chain data also shows long-term holders turning net buyers again. Over the past 30 days, this cohort absorbed roughly 30,000 to 35,000 BTC, ending several months of choppy positioning. The report adds that some long-duration capital appears to be adding on the dip, with holdings gradually shifting away from short-term participants. The pace of accumulation remains measured and has not yet signaled aggressive buying. Overall, on-chain valuation and ownership structure are moving toward levels seen near past lows, but whether Bitcoin has completed a bottoming process still hinges on broader capital returning to the market.