Nearly half of all Bitcoin in circulation is now trading at a loss, according to the Bitcoin Impact Index, which surged to 57.4-its highest level since January.
Long-term holders, who previously sold at a profit, are now underwater. Over 4.6 million BTC from these wallets are valued below purchase price, marking the worst losses since 2023.
Capital flows reversing: Stablecoin inflows became outflows, ETFs and miners shifted from accumulation to selling.
However, on-chain behavior suggests a lack of mass BTC depositing on exchanges, avoiding a full capitulation.
Stablecoins evolve into core financial infrastructure, especially in North America, where regulation and institutional adoption drive growth.
Lido DAO proposes a $20 million buyback of LDO governance tokens after a 95% slide, due to thin onchain liquidity.