Bitcoin's total supply in loss rose to 8.33 million BTC this week after the price slid to $73,000, data from Glassnode show. The drop pushed an additional 580,000 coins into loss territory, reversing gains from the April and early May recovery when the metric had fallen below 7 million BTC. Bitcoin is trading around $73,200, down more than 5% over the past seven days.
The numbers behind the drop
The supply-in-loss metric measures the amount of Bitcoin held at a price below its last on-chain movement — effectively, coins that are currently underwater. The latest increase brings the total close to levels seen after the February crash, when supply in loss neared 10 million BTC. That February event marked the highest point for the metric this year.
What the $73k–$76.6k range tells us
A significant amount of Bitcoin changed hands in the $73,000 to $76,600 range during the decline, according to on-chain data. That suggests active selling and buying concentrated in that band, which could act as a resistance zone if the price attempts to recover. For now, the lower end of that range is where the market is testing support.
Glassnode's take on sell pressure
Glassnode noted in a recent report that the newly underwater supply adds near-term sell pressure as holders reassess their positions. The logic: when a coin that was bought at a higher price suddenly falls below its cost basis, the holder may be more inclined to sell if the price bounces back to break even, capping rallies. The firm didn't specify a price target, but the data points to a fragile market psychology.
A familiar pattern
The supply-in-loss metric has swung wildly this year. After the February rout pushed it near 10 million BTC, the April and early May rebound brought it below 7 million. Now it's back above 8 million. The pattern suggests that Bitcoin is still in a volatile, range-bound phase — rallies erase underwater supply, but selloffs quickly rebuild it. The next move will depend on whether buyers step in at $73,000 or let it slip further.
