Bitcoin Bottom Signal Emerges as 10.46 Million BTC Holders Fall Into Loss

• Ali Martinez highlighted 10.46 million Bitcoin currently held at losses.
• Historical bear market bottoms emerged when supply in loss surged.
• Glassnode data places Bitcoin within a historically significant zone.

Crypto analyst Ali Martinez has pointed to a potential Bitcoin bottom signal as the number of coins held at a loss surpassed a historically important level. According to Martinez, Glassnode data shows that 10.46 million BTC are currently underwater, a threshold that has often appeared near major market lows in previous cycles.

Martinez shared a chart showing Bitcoin’s supply-loss metric alongside the asset’s long-term price performance. The data indicates that periods when more than 10 million BTC were held at a loss frequently coincided with the final stages of major bear markets.

According to Martinez, the current reading deserves attention because investor behavior often changes when losses become widespread across the market. As more holders move into negative territory, many become less willing to sell their coins at a loss.

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Historical Bitcoin Bottoms Show Similar Supply in Loss Patterns

Glassnode’s supply-in-loss metric tracks the number of Bitcoins whose current market value is below the price at which they last moved on-chain. When prices decline, more coins enter loss territory. Conversely, rising prices return those holdings to profit.

Historical data highlighted by Martinez shows a recurring pattern across multiple market cycles. Similar spikes in supply in loss occurred during the 2015 bear market, the 2018 market downturn, the March 2020 pandemic crash, and the 2022 crypto market collapse.

In each instance, the metric climbed toward extreme levels before Bitcoin eventually established a long-term bottom. Although the exact timing differed from cycle to cycle, elevated readings consistently appeared during periods of severe market stress.

Why the Current Reading Matters

Moreover, the chart shows that previous readings above 10 million BTC often emerged when investor sentiment was at its weakest. During those periods, many market participants had already absorbed substantial losses, reducing the incentive to continue selling into declining prices.

The current figure of 10.46 million BTC underwater nevertheless places Bitcoin in a historically significant zone. According to Martinez, similar conditions previously appeared near major cycle lows, making the latest reading one of the most closely watched on-chain signals in the market today.

While no single metric can determine the exact timing of a market reversal, the latest Glassnode data shows Bitcoin has entered a zone that previously accompanied major bottoms.

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