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
Disclaimer: The content provided on Phemex News is for informational purposes only. We do not guarantee the quality, accuracy, or completeness of the information sourced from third-party articles. The content on this page does not constitute financial or investment advice. We strongly encourage you to conduct you own research and consult with a qualified financial advisor before making any investment decisions.
