📊 Bitcoin Supply in Unrealized Loss: Insights into Market Stress
Historically, the number of $BTC held in unrealized loss provides a reference point for assessing market stress:
🔸 Bull markets: <4M BTC in loss. 🔹 Early bear markets: 4–8M BTC in loss.

Last week, market volatility pushed 2.0–3.5M BTC into loss, still lower than the 4M BTC seen during mid-2024 lows.

For context: 🔻 2018 bear market: 10.7M BTC in loss. 🔻 2020 COVID crash: 10.4M BTC in loss.

📉 Another view: The Relative Unrealized Loss metric (unrealized losses relative to market cap) peaked at ~4.3% in Q3 2024 - far below the 10%+ levels seen during past external shocks like COVID or the 2021 China mining ban.

This highlights a more resilient market structure in the current cycle.

🔗 Dive deeper into the data here:
Total Supply in Loss
Entity-Adjusted Relative Unrealized Loss