44% of Bitcoin's circulating supply is currently in a state of unrealized losses, with hodlers facing nearly $600 billion in unrealized losses

BlockBeats News, April 2nd, according to Cointelegraph, Bitcoin is currently trading at $66,450, a 47% drop from its all-time high of $126,000 in October 2025, leaving HODLers facing massive unrealized losses. Glassnode data shows that around 8.8 million bitcoins are currently in a state of loss, corresponding to an unrealized loss of about $598.7 billion, accounting for over 44% of the circulating supply. Glassnode pointed out that the scale of this loss is structurally similar to the situation in the second quarter of 2022: "Historically, resolving this level of supply excess requires a large amount of holdings to move from loss-making holders to new buyers entering at lower prices."

The realized losses of long-term holders (holding for over 155 days) have risen to $200 million per day, which Glassnode refers to as "confirmation of active stop-loss selling," noting that if this indicator could meaningfully drop below $25 million per day, it would be a more convincing signal of selling pressure exhaustion and a prerequisite historically formed bottom preceding the transition to a bull market.

The Bitcoin spot price is also below the average cost basis of U.S. Bitcoin spot ETF holders at $83,408, indicating that these investors are facing increasing pressure. As of the week ending March 27th, global Bitcoin investment product net outflows exceeded $194 million. On the demand side, Capriole Investment's Bitcoin on-chain demand index reported -1,623 coins on Thursday, indicating a market dominated by sellers. CryptoQuant pointed out that the demand contraction that has persisted since late November 2025 "confirms that the broader market is still in the distribution phase." The Coinbase Premium Index remains negative, "indicating that U.S. investors have not yet re-entered the market on a large scale."