More Than 7.8 Million BTC Underwater at $76,700 as Supply Overhang Persists
Summary
- Glassnode said Bitcoin’s drop into the mid-$70,000 range has again left a large volume of holdings underwater.
- The firm said that if Bitcoin trades at $76,700, more than 7.8 million BTC would be underwater.
- Glassnode said supply bought near the cycle peak, along with geopolitical risks in the Middle East and interest-rate uncertainty, is limiting the strength of any short-term rebound.
Forecast Trend Report by Period
Bitcoin’s pullback into the mid-$70,000 range has pushed a large volume of holdings back into loss, Glassnode said. The on-chain analytics firm said supply held by investors who bought near the cycle peak continues to weigh on the market.
In a post on X on May 18, Glassnode said that if Bitcoin trades at about $76,700, more than 7.8 million BTC would be underwater.
Supply bought near the cycle high remains a significant overhang, the firm wrote. A sustained uptrend will be structurally difficult to establish until the market absorbs that supply.
The recent correction in Bitcoin has pushed purchases made near the peak back into loss territory, dampening investor sentiment, according to the market analysis cited in the report. Geopolitical risks in the Middle East and uncertainty over interest rates are also capping the strength of any short-term rebound.
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.
