43% of Bitcoin Holders Still Underwater, Creating Sell Pressure Risk

[mendez]

Percentage of circulating supply in profit, estimate. Source: Glassnode

Despite Bitcoin’s recent bounce, onchain data reveals that 43% of the circulating supply remains at a loss, according to Glassnode. That’s a sharp rise from late January, when only 30% of holders were underwater while Bitcoin traded near $90,000. This large group of sidelined investors could create persistent overhead resistance if they choose to exit positions as prices recover.

Adding to market pressure is stress within the mining sector. Surging AI-driven energy demand has squeezed miner profitability to record lows, with the Bitcoin Hashprice index falling significantly in recent months. Some major listed mining firms are now pivoting toward AI computing and selling portions of their BTC reserves, raising concerns that miners could shift from long-term accumulators to net sellers.

[johnblockbuster]

imagine holding from 90k down to 60k just to finally see 72k and debate rage quitting