Recent price drops have caused a significant amount of Bitcoin – currently 8.33 million BTC – to be held at a loss, meaning the owners paid more for it than it’s currently worth.
Bitcoin Total Supply In Loss Has Shot Up Recently
Glassnode, a company that analyzes Bitcoin data, recently shared insights on X about a growing trend: the amount of Bitcoin currently held at a loss. This indicator simply tracks the total value of BTC that, if sold now, would result in a loss for its holders.
This calculation checks each token’s past transactions to find its most recent sale price. If that previous price is higher than the current market price, it suggests that token is currently being held at a loss.
As an analyst, I track two key indicators to understand token economics. One, ‘Total Supply in Loss,’ shows the total number of tokens currently held at a loss – meaning their purchase price is higher than the current market price. Conversely, ‘Total Supply in Profit’ measures the total tokens held at a profit, where the current price exceeds the original purchase price. Essentially, these metrics give me a clear picture of how much of the token supply is ‘underwater’ versus ‘in the green’.
Here’s a chart from Glassnode illustrating how much of the total Bitcoin supply has been held at a loss over the past two years, using a 7-hour simple moving average to smooth out the data.
The amount of Bitcoin currently worth less than its purchase price decreased in April and early May as the price of Bitcoin rose. At its peak, only about 7 million BTC were ‘underwater’ – meaning their owners had lost money. This is a significant drop compared to February, when nearly 10 million BTC were in that situation following a price crash.
Recently, some Bitcoin that was previously profitable is now at a loss due to the price drop in May. After Bitcoin fell to $76,600, 7.75 million BTC was held by investors at a loss. With the latest price decrease to $73,000, that number has increased to 8.33 million BTC.
The recent price drop caused roughly 580,000 Bitcoin to fall into a loss, suggesting a large number of investors bought between $73,000 and $76,600. According to one analytics firm, these investors are now likely to sell, adding to the downward pressure on prices as they react to the correction.
The network is currently performing better than it was in February, but it’s unclear if that improvement will continue.
BTC Price
At the time of writing, Bitcoin is trading around $73,200, down more than 5% over the past week.
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2026-05-30 04:12