Glassnode data put the amount of Bitcoin held below its purchase price at 10.83 million BTC on June 25, 2026, an all-time high. That figure covers roughly 54% of the 20 million coins in circulation, and it pushed past the peaks recorded near the 2019, 2020 and 2022 cycle bottoms, which each topped out around 10.5 million BTC.
The reading flipped to a record after Bitcoin fell below $59,100 during Wednesday's session. As of June 25, BTC traded at $61,470, down 1.6% over 24 hours and 3.88% on the week, with the price repeatedly testing the $60,000 level since February. The Crypto Fear and Greed index sat at 18, in Extreme Fear territory.
A record share of the supply is underwater
"Supply in loss" counts every coin whose last on-chain acquisition price is above the current market price. At 10.83 million BTC, more than half of all mined coins are sitting on unrealized losses. The metric matters because it maps how much of the network bought higher than where price trades today, and it tends to spike at the points of maximum discomfort rather than at tops.
The current print clears the prior cycle troughs, but not by a wide margin. The 2019, 2020 and 2022 lows clustered near 10.5 million BTC, so the new high is an incremental record rather than a step change. The difference now is partly mechanical: more coins exist and more have changed hands at higher prices since the last bear market, so each fresh leg down drags a larger absolute tonnage into the red.
Long-term holders are absorbing most of the pain
The more telling split is in who is holding the losses. Long-term holders, wallets that have held coins for at least 155 days, account for 5.58 million BTC of the underwater supply. That is the second-highest long-term-holder loss reading on record, behind only the 5.6 million BTC marked during the March 2020 crash.
Put against their total position, 37% of the 14.8 million BTC controlled by long-term holders is now below cost. Those same holders own about 75% of the circulating supply, and Glassnode notes they have stayed put rather than capitulating. In past cycles this cohort has tended to accumulate through drawdowns and distribute into strength, so a deep loss reading paired with flat selling is the on-chain signature of conviction rather than panic, at least so far.
Short-term holders, by contrast, carry the rest of the underwater coins and are historically the first to sell when price breaks. That group is where most realized losses get crystallized in a downturn, and it is the part of the supply most likely to drive the next leg if Extreme Fear deepens.
Spending decisions get harder in a drawdown
For anyone funding day-to-day purchases from Bitcoin, a 54% loss reading sharpens an old problem. Spending appreciated BTC can trigger a taxable disposal in many jurisdictions, and spending coins bought higher means locking in a loss at the register, which is rarely the intent behind a quick coffee tap. This is the recurring case for funding stablecoin-denominated spending instead, so the volatile asset stays on the sidelines while a price-stable balance handles checkout.
The same dynamic explains why some holders prefer to keep coins in self-custody and borrow or spend against a stable balance rather than sell into a down market. Either route avoids converting a paper loss into a realized one. None of this changes the underlying market read, and a record share of supply in loss is not a buy or sell signal on its own. It is a measure of stress, not direction.
History offers a thin floor of context. Past records in this metric clustered at cycle bottoms, but "near a bottom" has historically meant a band of weeks or months, not a single day, and there is no guarantee the pattern repeats. Treat the data as a gauge of how much of the network is uncomfortable, then size any decision to your own time horizon. This is analysis, not financial advice.
Overview
Glassnode pegged Bitcoin's supply in loss at a record 10.83 million BTC on June 25, 2026, roughly 54% of all coins, after price slipped below $59,100 intraday and the Fear and Greed index held at 18. Long-term holders carry 5.58 million BTC of that total, the second-highest such reading on record, yet show no sign of capitulating. The print clears past cycle-bottom peaks by a small margin and reflects market stress rather than a clear directional call.
