On-chain analytics firm Glassnode has reported that Bitcoin's Total Supply in Loss has surged to 8.33 million BTC following a recent price pullback. This metric, which tracks the amount of Bitcoin held at a net unrealized loss, rose as the cryptocurrency's price retraced to approximately $73,000. The increase suggests that around 580,000 BTC moved into loss during this downturn, indicating that a significant portion of recently transacted supply changed hands in the $73,000 to $76,600 range.
The rise in Bitcoin's supply in loss highlights potential near-term sell pressure as holders reassess their positions amid the correction. Despite this, Bitcoin's on-chain health remains better than during the February crash when the supply in loss approached 10 million BTC. As of the latest data, Bitcoin is trading near $73,200, marking a decline of over 5% in the past week.
8.33 Million BTC Now in Loss After May Pullback, Glassnode Reports
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