Bitcoin (BTC) is trading around the $67,000 level, leaving about 44 percent of circulating supply below investors’ purchase prices.

Based on figures compiled by on-chain analytics firm Glassnode cited by blockchain media outlet Cointelegraph on April 2, investors are holding about 8.8 million BTC at a loss. Unrealised losses total $598.7 billion.

Bitcoin is currently trading around $67,000, down about 47 percent from its all-time high of $126,000 in October 2025. It is also about 24 percent lower than around $87,500 at the start of the year. Glassnode assessed in its recent Week On-chain newsletter that the current zone is structurally similar to the second quarter of 2022. In that bear market, about 3 million BTC was redistributed before the market recovered.

Stop-loss selling by long-term holders has also increased. The combined amount sold at a loss by investors holding for at least 155 days, measured as LTH realised loss, rose to $200 million. Bitcoin’s spot price also fell below the average purchase price of $83,408 for holders of U.S. spot bitcoin ETFs.

Fund flows were also weak. In the week ended March 27, global bitcoin investment products recorded net outflows of more than $194 million. Bitcoin’s apparent demand has remained in negative territory since mid-December 2025, and a Capriole Investments indicator pointed to minus 1,623 BTC on the day. The Coinbase premium index also stayed in negative territory.

Pressure is also building in derivatives markets. As broader market weakness persists, unwinding of leveraged positions has increased, adding to downward pressure on spot prices. With more supply moving into loss territory and forced liquidations adding to the strain, short-term volatility appears to be rising further.

Some in the market say pressure at current levels may be difficult to ease without a recovery in demand. They assess that a rebound in buying sentiment remains limited, given the simultaneous rise in stop-loss selling by long-term holders, the spot price falling below the ETF average purchase price, outflows from investment products and weakness in the Coinbase premium. As a result, analysis that bitcoin needs both improving on-chain demand and a recovery in institutional inflows to build a meaningful rebound is gaining ground.