Bitcoin supply underwater hits 2-year high as market stress grows
Crypto Briefing
Approximately 45% of Bitcoin's circulating supply is now underwater, reaching the highest level since January 2023 amid market stress.Summary
Market stress is increasing as approximately 8.9 million Bitcoin, representing 45% of the circulating supply, is currently valued below the price at which it was acquired, marking the highest level of supply in loss since January 2023, according to CryptoQuant analyst J.A. Maartun. This surge in the 'underwater' metric suggests a rising risk of capitulation among investors. The context for this situation includes Bitcoin falling about 10% in the past 24 hours to below $65,500, alongside significant selling pressure reflected by US Bitcoin ETFs recording their second- and third-worst weeks for net outflows in late January 2026, causing cumulative inflows to drop 12.4% from their peak in October 2025.
(Source：Crypto Briefing)