46% of Bitcoin’s Circulating Supply Is Currently Underwater – The Highest Loss Concentration Since 2022

CryptoQuant data shows approximately 9.09 million BTC, roughly 46% of circulating supply, is currently held at a loss as Bitcoin trades near $66,500.

What the Chart Shows

The BTC Supply in Profit/Loss chart from CryptoQuant covers July 2020 through early 2026 and plots the number of coins held at a loss as a negative figure on the left axis, shown in the red-brown shaded area. The deeper the shading extends below zero, the more coins are underwater at current prices.

The chart’s history puts the current reading in immediate context. The deepest loss concentration visible on the chart falls in mid-2022, when the supply in loss figure reached approximately negative 10 million coins as Bitcoin collapsed from $60,000 to below $20,000 following the Luna and FTX contagion events. During that period, price on the right axis dropped to the $10,000 to $20,000 range.

The current reading of negative 9.09 million coins is the second deepest loss concentration visible across the full six-year dataset. It sits just above the 2022 bear market floor. Price at the current reading is near $67,000, dramatically higher than where the comparable coin-loss figure appeared in 2022. That combination, near-record loss concentration at a price level that is still historically elevated, reflects the specific nature of the current cycle’s drawdown: participants who entered at prices between $80,000 and $108,000 during the 2024 to 2025 rally are now underwater, and there are a lot of them.

The 46% Figure in Historical Terms

Circulating supply of Bitcoin is approximately 19.8 million coins. Nine million coins at a loss represents nearly half of all Bitcoin that has ever moved on-chain being held below its last transaction price. The only comparable period in the dataset where this many coins were simultaneously underwater was the depths of the 2022 bear market.

The difference in absolute price between the two periods is significant. In 2022, 9 to 10 million coins were at a loss with Bitcoin near $15,000 to $20,000. In early 2026, a comparable number of coins are at a loss with Bitcoin near $67,000. The loss is not in dollar terms relative to the asset’s long history. It is concentrated in the cohort that entered the market during the final stages of the rally.

This is what a cycle top and correction looks like from the supply in profit/loss perspective. The coins that moved at peak prices now define the loss cohort. Until price recovers above those entry points, the figure stays elevated.

What It Means for Market Structure

A high supply in loss reading creates a specific kind of market dynamic. Holders underwater face ongoing psychological pressure to either cut losses or hold through the correction. The ones most likely to sell are those with the highest cost basis relative to current price and the least conviction in long-term recovery. As that cohort exhausts itself through selling, the remaining holders in loss tend to be stronger hands who have already decided to hold regardless of short-term price action.

The 2022 analog is instructive here too. The supply in loss figure peaked near 10 million coins in late 2022 and then began declining as the market bottomed and early recovery buying brought new coins into profit. The decline from peak loss concentration preceded the sustained price recovery that followed through 2023 and 2024.

Whether the current 9.09 million coin reading represents a peak or continues toward the 2022 high depends on whether price stabilizes at current levels or continues lower. The adjusted realized price analysis covered earlier this week places the key structural level at $72,700. The supply in loss data shows what is already happening below that level.

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