Glassnode: Bitcoin “supply in loss” jumps to 8.33M BTC after recent pullback
On-chain analytics firm Glassnode this week highlighted a sharp rise in Bitcoin’s Total Supply in Loss — the amount of BTC currently held at a net unrealized loss — which has climbed to 8.33 million coins after the market pullback in late May.
How the metric works
- Total Supply in Loss scans each coin’s transaction history to identify the price at which it last moved on-chain. If that last transfer price is higher than the current spot price, the coin is counted as being “in loss.”
- The flip side of this is the Total Supply in Profit, which tallies coins with a cost basis below today’s price.
What the chart shows
- Glassnode’s 7-hour simple moving average of this metric shows the supply-in-loss falling through April and into early May as Bitcoin rallied. At the market peak, underwater supply had dropped below 7 million BTC.
- By contrast, the metric approached ~10 million BTC after the February crash.
The recent move
- Bitcoin’s retrace from $76,600 to roughly $73,000 pushed roughly 580,000 BTC back into loss territory — a clear sign that a meaningful quantity of coins changed hands in the $73,000–$76,600 band.
- Glassnode warns this cohort “adds to near-term sell pressure as holders reassess their positions into the correction.”
Where things stand
- The network’s overall state remains healthier than it was after the February crash, but the fresh rise in underwater supply underscores renewed short-term pressure and uncertainty.
- At the time of writing, Bitcoin trades around $73,200, down more than 5% over the past week.
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