Glassnode reports 40% of Bitcoin supply underwater, losses hit $598B

Long-term Bitcoin holders are selling at a loss. On-chain data shows a broad supply overhang and weak US demand.

US buyers stepped back. The Coinbase Premium Index stayed negative in recent weeks, signaling softer US bid versus offshore pricing, per CryptoQuant.

Global Bitcoin investment funds saw over $190 million in net outflows for the week ending March 27. Spot Bitcoin ETFs, popular at launch, now sit below water for many holders. Data estimates the average cost basis for US spot Bitcoin ETF investors near $83,400, above today’s price. See the ETF landscape on ETFdb.

Bitcoin traded around $66,820 when reported, about 47% below the October 2025 all-time high of $126,000, and 24% below the 2026 yearly open of $87,600. Price context shown on this TradingView chart.

Nearly 9 million BTC are held at a loss, more than 40% of supply, with a combined unrealized loss near $598 billion, per Glassnode’s on-chain series. Source: Glassnode loss-adjusted supply.

Long-term holders started to capitulate. Investors holding >155 days realized about $200 million in losses, which Glassnode flags as active capitulation. Reference: Glassnode.

Demand trails supply. Capriole’s Bitcoin Apparent Demand printed -1,623 BTC on Thursday and stayed negative since mid-December 2025. CryptoQuant characterizes the backdrop as broad distribution by retail.

Key points for investors
- US spot flows turned cautious. Coinbase pricing lags offshore. (CryptoQuant)
- Funds saw $190M weekly outflows. Spot ETFs trade below average entry. ETFdb
- 9M BTC sit at a loss. Unrealized losses ~$598B. Glassnode
- Long-term holders realized ~$200M in losses. Capitulation signal. Glassnode