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Roughly half of all $BTC in circulation is held at a loss, according to market data cited by Moomoo.
The finding, flagged in the platform's Market Talk feed, points to a market where a large share of holders paid more for their coins than the current price — a condition that has historically shaped selling pressure and sentiment.
What "Underwater" Actually Means Here In on-chain analysis, a coin is considered underwater when the price at which it last moved — a proxy for the holder's cost basis — exceeds the current market price.
When that condition applies to roughly half the circulating supply, it signals that a meaningful portion of the holder base is sitting on unrealized losses.
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