Bitcoin Price Flashes Warning as Nearly Half of Supply Sits at a Loss

Close to 9 million BTC – roughly 45–46% of the circulating supply – are currently held at a loss, a threshold that has historically preceded either violent capitulation or the opening of a late-cycle accumulation window.The last time this metric touched comparable levels was January 2023, in the wreckage of the FTX collapse, when extended consolidation followed rather than a swift reversal. Whether the cu…