📊 Bitcoin Supply in Unrealized Loss
Historically, the number of Bitcoin held in unrealized loss provides a reference point for assessing market stress:
Bull markets: <4M BTC in loss. Early bear markets: 4–8M BTC in loss.
Last week, market volatility pushed 2.0–3.5M BTC into loss, still lower than the 4M BTC seen during mid-2024 lows.
For context: 2018 bear market: 10.7M BTC in loss. 2020 COVID crash: 10.4M BTC in loss.