Bitcoin’s Loss-Making Share Reaches 28%, Signaling Potential Market Low or Further Losses?

Recent on-chain data from CryptoQuant reveals that over 28% of Bitcoin’s circulating supply is currently at a loss, reaching one of the highest levels seen since the mid-2024 correction. This metric, based on the “Supply in Loss” indicator, tracks coins whose last move price was above current market value, and suggests over a quarter of existing Bitcoin holdings are trading below their current value. This level of negative equity suggests significant short-term holder stress and potential for forced selling as investors seek to exit positions before further price drops.