A key market metric has flipped for the first time in the current bitcoin cycle. According to data from Glassnode, roughly 10.83 million BTC are now held at a loss, compared to 9.22 million still in profit. This crossover indicates how deep the correction from bitcoin's January peak near $109,000 has been.
Historically, this supply crossover has occurred near periods of peak financial stress. It often marks a point where coins migrate from weaker hands to stronger, longer-term holders.
Bitcoin traded Thursday at $61,361, up 0.7% on the day. Ether added 4.2% to $1,702, and Solana led gains at 18.6% for the week to $80.44.
Whether this metric signals a market bottom depends on future catalysts. Previous instances in 2018-19 and 2022 preceded months of basing before a sustained recovery. A return of ETF inflows and easing macroeconomic pressure are key factors that could convert this accumulation signal into a price recovery.