Coin Underwater? 46% of Bitcoin Plunges-How Long Will It Stay Drowning?

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In the quiet gardens of on‑chain data, a whisper carries: almost a half of the world’s digital gold lies beneath its own price, waiting for the day the tide rises. It’s a scene that might remind a weary sailor of a ship lost at sea, only in this case the sea is a graph and the ship is Bitcoin.

Nearly Ten Million Coins Float at a Loss

CryptoQuant’s Maartunn, a kind of modern-day river analyst, recently signed a note to the X‑former‑Twitter, explaining why a true bottom for Bitcoin is a slow and deliberate affair. He plotted a chart titled “Bitcoin Supply In Loss,” a measure-yes, a measurement-of all coins that traders hold at a net unrealized loss. Think of it as a ledger of soured lollipops; unfortunately, they’re not about to taste sweet again that soon.

Brick‑wall of loss graph

When the market reached a new all‑time high last October, that ledger emptied itself. But since then, as prices slumped by, the account has filled with fresh debt. Today, a staggering 9.31 million BTC-about 46 % of the entire circulation-hangs in the red. The number mirrors the height of the 2022 bear market more than a modern lullaby.

“People in loss are like students waiting for their final exam result,” Maartunn mused. “They’ll be ready to make a splash when the price touches their cost basis.” Indeed, a sizable cohort is sitting on the brink, eager to unburden themselves with a breakeven sale or a modest profit.

Another on‑chain gauge, the UTXO Realized Price Distribution (URPD), paints a clearer picture of where these underwater hands purchased. The data clusters mostly between $80,000-$95,000 and $105,000-$120,000. Given how far the current price is from those levels, pumps in the future might meet with a flotilla of penny‑driven divers, all ready to file complaints.

Loss supply distribution graph

In Mrtunn’s voice, the overhead supply must be absorbed and passed to sturdier investors before the market can claim a lasting bottom exists. If history repeats itself, the transfer may take time-, an interval during which the market can’t decide whether it should remember or forget the losses.

Bitcoin’s Price Tumble Becomes The Plot Twist

Since emerging from the $60,000 trough, Bitcoin has been sustained by horizontal motion around $68,600, much like a cat idly scratching a sofa. Traders are holding their breath, hoping a sudden upward surge will crush the holders in loss into a compliance of new buyers. The shape of the market now resembles a quiet communal kitchen, with each participant quietly considering whether to stir the pot.

BTC price snapshot

Will Bitcoin finally haul the soggy inventory to dry land, or will the supply fight for its drenched relevance? The only certainty among the financial folk is that the writing is still being composed, with each paragraph bristling with potential irony.

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2026-02-17 08:31