Nearly half of all Bitcoin in circulation is now trading below its purchase price, as market stress intensifies and key onchain indicators deteriorate.
The Bitcoin Impact Index surged to 57.4, entering “high impact” territory and marking its sharpest weekly increase since January, signalling elevated downside risk.
“This kind of divergence between price action and on-chain conviction has historically been a warning sign,”
Analysts said, noting similar patterns before major drawdowns.
Long-term holders, who were previously in profit, are now under pressure, with over 4.6 million BTC held at a loss and realised losses reaching their worst levels since 2023.
Broader market support has weakened, with stablecoin inflows reversing into outflows and both ETFs and miners shifting from accumulation to selling.
Despite these pressures, there has not yet been a массов rush of Bitcoin onto exchanges, suggesting that full capitulation has not occurred.
The current setup reflects rising stress across the market, with investors closely watching whether conditions stabilise or lead to a deeper correction.
At the time of reporting, Bitcoin price was $67,888.32.