As of early 2025, nearly 46% of Bitcoin’s circulating supply—approximately 9.09 million coins—are held at a loss, closely approaching the loss levels seen during the bear market in 2022 after the rally from 2024 to 2025 reversed.
According to CryptoQuant data, about 9.09 million BTC out of roughly 19.8 million available on-chain are currently valued below their last transaction price, marking the second-highest concentration of unrealized losses since mid-2022’s peak near 10 million coins.
Historically, previous market cycles have seen between half and sixty percent of Bitcoin supply underwater; today’s figures echo late-2022 conditions but occur at significantly higher absolute prices. This suggests many investors who entered during the recent rally are now facing negative returns.
The shift from net realized profits to net losses began in late 2025, with holders collectively experiencing up to around 69 thousand BTC in aggregate losses—a pattern reminiscent of Bitcoin’s transition from bull run to bear market between 2021 and 2022.
This level of supply held at a loss influences market behavior notably: investors holding positions below cost may feel compelled either to sell or endure through downturns. Those with higher acquisition costs relative to current prices often show less confidence in long-term recovery prospects.
The mid-2022 peak loss concentration serves as an important benchmark; back then approximately ten million coins were underwater following major events like Luna and FTX collapses before eventual recovery phases took hold throughout late-2022 into subsequent years.
Whether this current tally near nine million lost-value Bitcoins represents a new high or will decline depends largely on future price movements stabilizing or falling further, as analysts continue monitoring these metrics closely.