46% of Bitcoin supply now in loss, near 2022 bear levels

About 9.09 million Bitcoin, roughly 46% of the 19.8 million circulating supply, were held at a loss in early 2025, according to CryptoQuant. That reading is the second-highest loss concentration in the dataset spanning July 2020 through early 2026 and sits just below the mid‑2022 peak of about 10 million coins underwater.

CryptoQuant’s Supply in Profit/Loss chart displays coins held at a loss as a negative figure, with the current negative 9.09 million approaching the deepest concentration visible on the chart. Nearly half of all on‑chain moved Bitcoin is therefore below its last transaction price.

A key difference with the 2022 bear market is the absolute price level: a comparable number of coins are now underwater, but Bitcoin trades significantly higher than it did in 2022.

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