More than 13 million Bitcoin addresses are now sitting in unrealized loss, according to Glassnode data, as BTC hovers near $71,150 amid broad market weakness and extreme fear among investors.
What Glassnode Means by Bitcoin Addresses in Loss
Glassnode’s BTC Addresses in Loss metric tracks the number of unique addresses whose average acquisition price sits above the current spot price. The latest reading shows 13,545,880 addresses in that category.
The metric does not measure realized losses. These addresses have not necessarily sold. It captures how many holders are currently underwater relative to their cost basis, making it a positioning and sentiment gauge rather than a measure of actual capital destruction.
A count above 13 million is notable because it signals a significant portion of the network’s address base bought at prices higher than where Bitcoin trades today. For context on the broader custody landscape, Coinbase holds roughly 80% of Bitcoin ETF assets, concentrating a large share of institutional exposure in a single custodian.
Why More Bitcoin Holders Are Underwater Right Now
Bitcoin traded at $71,150 at press time, down roughly 0.58% over the prior 24 hours. Market capitalization stood at approximately $1.42 trillion with daily trading volume near $29.9 billion.
The drawdown has been building for months. A Glassnode weekly report from March 2025 documented Bitcoin falling from $97,000 in late February to $82,000, noting that liquidity was contracting across both on-chain and futures markets. Prices have continued sliding since then.
Cointelegraph reported that Bitcoin remained pinned below $72,000 as weaker demand, increased distribution by long-term holders, reduced whale activity, and slowing network growth all weighed on the market. These dynamics help explain why the pool of underwater addresses has grown so large.
It is important to distinguish between unrealized and realized losses. An address “in loss” simply holds coins bought at higher prices. The holder may be a long-term accumulator with no intention of selling, or a short-term trader close to capitulation. The metric alone cannot separate the two, which is why analysts pair it with exchange flow data and broader institutional buying signals to judge actual selling pressure.
What This Bitcoin Market Signal Could Mean Next
The Fear and Greed Index sat at 12 out of 100, firmly in Extreme Fear territory. That reading aligns with the on-chain picture: a large and growing number of holders are underwater while sentiment indicators flash maximum pessimism.
Historically, elevated counts of addresses in loss have coincided with both capitulation events and accumulation opportunities. When a large share of the network is underwater, forced selling can accelerate a downturn, but it can also mark zones where long-term buyers step in at perceived discounts.
Neither outcome is guaranteed from this metric alone. The 13.5 million figure should be read alongside exchange reserves, funding rates, and macro conditions. Traders watching the broader altcoin market will note that weak BTC sentiment tends to ripple across the entire crypto ecosystem.
Some market participants are also waiting for regulatory clarity around the U.S. CLARITY Act before making large positioning moves, adding another layer of uncertainty to the current setup.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency and digital asset markets carry significant risk. Always do your own research before making decisions.
