Bitcoin supply in loss is back at levels that have historically shown up near major market stress points. Every time this metric spikes, it tells the same story: A large number of holders are underwater and sentiment is getting washed out. That’s usually when the loudest calls for lower prices start appearing. The interesting part? Bitcoin is still trading relatively close to its highs while nearly 10 million BTC are sitting at a loss. We’ve seen similar conditions around the COVID crash, the 2022 capitulation, and several local bottoms throughout this cycle. Doesn’t mean price can’t go lower. It just means fear is arriving much faster than most people expected. When everyone is focused on t

Bitcoin supply in loss is back at levels that have historically shown up near major market stress points.

Every time this metric spikes, it tells the same story:

A large number of holders are underwater and sentiment is getting washed out.

That’s usually when the loudest calls for lower prices start appearing.

The interesting part?

Bitcoin is still trading relatively close to its highs while nearly 10 million BTC are sitting at a loss.

We’ve seen similar conditions around the COVID crash, the 2022 capitulation, and several local bottoms throughout this cycle.

Doesn’t mean price can’t go lower.

It just means fear is arriving much faster than most people expected.

When everyone is focused on the next 10% down, I start paying attention to what the data is saying beneath the surface.

— That Martini Guy ₿ (@MartiniGuyYT) Jun 4, 2026