Glassnode: Bitcoin “supply in loss” jumps to 8.33M BTC as May pullback erases recent gains
On-chain analytics firm Glassnode reports that Bitcoin’s Total Supply in Loss — the amount of BTC currently held at a net unrealized loss — has climbed to 8.33 million coins after the recent price pullback.
What the metric means
- The Total Supply in Loss is calculated by checking each coin’s last on-chain transfer price against today’s spot price. If the coin’s last transfer price is higher than the current price, that coin is counted as being “in loss.”
- Its counterpart, the Total Supply in Profit, tracks coins whose cost basis is below the current price.
Recent moves and context
- During Bitcoin’s April–early May rally, the underwater supply fell sharply and dropped below 7 million BTC at the asset’s peak.
- After the February crash the metric approached roughly 10 million BTC, so the network remains healthier than it was then — but the recent action is a reminder of renewed vulnerability.
- A retracement to about $76,600 in mid-May pushed the supply in loss up to around 7.75 million BTC. The subsequent leg down to roughly $73,000 has added another ~580,000 BTC to the loss column, bringing the total to 8.33 million.
Why it matters
- The fact that some 580,000 BTC moved into loss during this pullback suggests a sizable tranche of recently transacted supply changed hands in the $73k–$76.6k range. Glassnode warns this cohort “adds to near-term sell pressure as holders reassess their positions into the correction.”
Market snapshot
- At the time of reporting, Bitcoin was trading near $73,200, down more than 5% over the past week.
Bottom line: While Bitcoin’s on-chain health is still improved versus February, the uptick in supply held at a loss highlights how quickly unrealized profits can flip and potentially feed short-term selling pressure during corrections.
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