CryptoSlate
Glassnode's Week Onchain report shows roughly 10.83 million BTC now sit at a loss against 9.22 million still in profit, putting underwater supply at about 54% of the measured total and 1.61 million BTC above profitable coins. Glassnode calls it one of the sharpest deteriorations in investor profitability since the current bull market began, a threshold that has historically coincided with genuine capitulation among newer buyers and reshaped structural drawdowns.
Long-term holders have flipped from an extended distribution stretch into net accumulation, the first sign of a bottom that usually shows up in experienced hands deciding a drawdown is worth buying, well before price confirms anything. Glassnode's Accumulation Trend Score climbed across cohorts this week, with the strongest readings in sub-1 BTC wallets and entities holding 100 to 1,000 BTC. The 1,000-to-10,000 BTC cohort also turned net buyers, and the bid is now spreading across the entire ownership ladder.
Why it matters
The ETF flow picture still explains why price looks weak: US-traded spot Bitcoin ETFs remain in sustained net outflow territory even as on-chain conviction builds in the opposite direction. Spot order books on Coinbase and Binance are shifting toward bids, with buyers placing liquidity below spot, a patient bid that lets a base start forming underneath the market. Hyperliquid traders hold a long bias at the highest level Glassnode has tracked, while options traders are paying up for protection: the 14-day put-to-call volume ratio climbed above 1.0, its highest reading in a year.
The pattern is unusual for a bottoming process. ETF investors are selling while stronger, more patient hands absorb the exit in real time, the kind of controlled supply migration that historically marks the start of a structural floor. Glassnode frames it as an early, still-developing bottom and flags that a final capitulation-driven volatility spike stays possible, and that long-term holder buying still trails the scale of prior accumulation waves by a wide margin.
Frequently asked questions
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How much of Bitcoin's supply is currently held at a loss?
Glassnode's Week Onchain report puts loss-making supply at about 10.83 million BTC, or roughly 54% of the measured total, against 9.22 million BTC still in profit, a gap of about 1.61 million BTC.
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Are long-term Bitcoin holders buying or selling right now?
Glassnode says long-term holders have shifted from an extended distribution stretch into net accumulation, with net position change back in positive territory. The pace stays modest and trails prior accumulation cycles by a wide margin.
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Which wallet cohorts are accumulating the most?
Glassnode's Accumulation Trend Score climbed across cohorts this week, with the strongest readings in sub-1 BTC wallets and entities holding 100 to 1,000 BTC. The 1,000-to-10,000 BTC cohort also turned net buyers.
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Why is Bitcoin's price still weak if on-chain demand is rising?
US-traded spot Bitcoin ETFs remain in sustained net outflow territory, and that selling pressure has persisted even as on-chain conviction builds in the opposite direction, a split the report frames as a controlled supply migration.
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What signals would confirm a genuine Bitcoin bottom?
Glassnode flags a final capitulation-driven volatility spike as still possible and notes that long-term holder buying trails prior accumulation cycles. A cleaner base would likely need ETF outflows to slow enough to stop overpowering on-chain accumulation.
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