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Bitcoin supply in loss rises to 68% after price drop from $31k local top

According to on-chain data, 2.71 million BTC has fallen into loss as Bitcoin's price dropped from its local top of $31k, resulting in a rise in the total amount of supply in loss to 68%. Glassnode analyst James Check suggests that BTC could see a big move to either side as the sell-side risk ratio approaches its all-time lows. Bitcoin's current spot price is around $26.4k, and the drawdown below $27k has bulls staring at a potential dip to support at $25k or lower. However, even as this outlook materializes, about 2.71 million BTC has drifted underwater, equivalent to about 14% of the benchmark crypto's circulating supply.

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