44% of the circulating Bitcoin supply is currently at a loss, with holders facing approximately $600 billion in unrealized losses.

Mars Finance news: On April 2, according to Cointelegraph, Bitcoin is currently trading at $66,450, down 47% from its all-time high of $126,000 in October 2025, and holders are facing a large amount of unrealized losses. Glassnode data shows that about 8.8 million Bitcoins are currently in a loss-making position, corresponding to an unrealized loss of approximately $598.7 billion, accounting for more than 44% of the circulating supply. Glassnode notes that losses of this scale are structurally highly similar to conditions in the second quarter of 2022: “Historically, resolving a supply overhang of this magnitude requires a large amount of positions to move from loss-making holders to new buyers entering at lower prices.” Realized losses for long-term holders (positions held for more than 155 days) have risen to $200 million per day, which Glassnode calls “confirmation of an active stop-loss sell-off,” and notes that if this metric can meaningfully fall below $25 million per day, it would be a more persuasive signal that selling pressure is exhausted—and a prerequisite for the bottom formed ahead of the historical transition into a bull market.

Bitcoin’s spot price is also below the average cost basis of holders of U.S. spot Bitcoin ETFs, at $83,408, indicating that this group of investors is bearing increasing pressure. As of the week ending March 27, global Bitcoin investment products saw net outflows of more than $194 million. On the demand side, Capriole’s Bitcoin apparent demand indicator reported -1,623 BTC on Thursday, showing that sellers are dominating the market. CryptoQuant noted that the demand contraction “since the end of November 2025 continuing to the present” “confirms that the broader market is still in a distribution phase.” Coinbase’s premium index remains negative, “indicating that U.S. investors have not yet returned to the market at scale.”