This bitcoin metric has marked every bear market bottom, and it's just flashed again
Key takeaways
- According to Glassnode data, at a one-hour resolution, the number peaked at about 10.5 million BTC as the price fell to as low as $61,300 on Thursday.
- At the same time, supply in profit has declined to around 9.8 million BTC.
- Historically, this transition has occurred only during deep bear-market conditions, and it has often coincided with major market bottoms.
This bitcoin metric has marked every bear market bottom, and it's just flashed again More than half of the bitcoin in circulation is sitting on unrealized losses as the BTC price tests historically significant bear-market support levels.By James Van Straten|Edited by Sheldon Reback Jun 4, 2026, 10:20 a.m. 2 min read Make preferred on Total Supply in profit/Loss (Glassnode)What to know: The number of bitcoin in circulation priced at a loss has exceeded the supply in profit, with 10.5 million tokens underwater compared with 9.8 million BTC in profit. Historically, this crossover has coincided with major bear market bottoms.The bitcoin price touched its 200-week moving average at $61,300, a long-term support level that has been reached in every previous bear market.The amount of bitcoin BTC$63,729.63 supply in loss reached a key bear-market threshold, surpassing 10 million BTC, more than half of the total in circulation.
According to Glassnode data, at a one-hour resolution, the number peaked at about 10.5 million BTC as the price fell to as low as $61,300 on Thursday. Total circulating supply is roughly 20 million BTC, so more than half of all coins are currently held at an unrealized loss.
At the same time, supply in profit has declined to around 9.8 million BTC. This is the first time during the current market cycle that the amount of bitcoin held at a loss has exceeded the amount held in profit.