The Bitcoin supply is now at 68% loss, and 6.67 million BTC are under water.
Bitcoin’s price fell from $31k to $271m, according to on-chain data.
Glassnode analyst James Check believes that BTC’s sell-side ratio is nearing its lowest level ever.

Bitcoin’s price has dropped about 14.6% since rejecting at the local top of $30.9k, and the result has been a sharp rise in the total amount of supply in loss.

The leading cryptocurrency’s current spot price is around $26.4k, after the week was spent in a tight range below the key resistance level of $27.6k. Bitcoin has tested levels above $28k several times this month. But the decline below $27k is causing bulls to fear a dip towards support at $25k and lower.

Even as this scenario materializes, 2.71 million BTC have drifted under water. Data shows that the BTC supply has been reduced. shared by on-chain analytics platform Glassnode, is equivalent to about 14% of the benchmark crypto’s circulating supply.

“This raises the total supply in loss across the aforementioned period from 3.96M to 6.67M BTC, a 68.4% increase,” Glassnode noted.

How much is it? Analysts weigh in with their thoughts on BTC prices

Earlier this week, Glassnode lead analyst James Check said Bitcoin could see a “big move” in coming weeks amid seller exhaustion. Check explained this by pointing to the data on-chain:

“Bitcoin Sell-side Risk ratio is approaching all-time lows. This shows that investors are reluctant spend coins in the current range of prices, whether they are profitable or not. This usually occurs when sellers are exhausted on both sides, suggesting big moves are coming.”

Nikolaos Panigirtzoglou, JPMorgan’s lead strategist, said on Wednesday that Bitcoin could increase by 25% over the next year. Panigirtzoglou, in a client note, highlighted that gold’s price rallying to new multi-year levels above $2k was a potential indicator for BTC reaching $45k.

According to the analyst Bitcoin and Gold have traded often in sync. Bitcoin’s upcoming halving will also play a role in ticking up prices of the digital asset. Analysts at Standard Chartered recently predicted a 70% increase in BTC prices, citing $100k as a goal.