BTC price is selling in the red at $66K with 44% supply
Bitcoin (BTC) traded at $66,450 on Thursday, down 47% from $126,000 in October 2025. As a result, many BTC holders are sitting on modest losses, highlighting the risks still facing Bitcoin investors.
Main Receptors:
Bitcoin's 47% drop from an all-time high of $126,000 has left its holders with a loss of nearly $600 billion.
Demand and buying from US investors remain in deep contraction, indicating a broad market spread.
44% of Bitcoin's circulating supply is now in the red.
BTC/USD is trading 24% below its yearly open of $87,500 after closing 2025 in the red. The long-term weakness has pushed most of the water supply into the water.
When bitcoin traded at $66,450 on Thursday, approximately 8.8 million BTC were held in liquidation, representing an undisclosed loss of $598.7 billion, or more than 44% of the circulating supply, according to data from Glassnode.
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The magnitude of this figure “shows structural similarity to the conditions seen in Q2 2022,” Glassnode said in its latest weekly On-chain newsletter.
Glasnode explains that the bear market of 2022 provides a precedent when the market needs to redistribute around 3 million BTC before it recovers.
“Historically, resolving this balance of oversupply required a meaningful redistribution of coins from loss holders to new buyers at lower prices.”
This loss of loading paper eroded guilt and prompted long-term holders (LTH) to sell below their cost.
LTH's realized losses, a metric measuring the total dollar value of Bitcoin sold at a loss by investors holding BTC for more than 155 days, rose to $200 million, “confirming an active capitulation,” Glassnode said.
“A meaningful cooldown below $25M per day represents a weakening of selling pressure and the precursor to a base formation that precedes a historically sustained bull market transition.”
BTC's spot price is below the average cost basis of US spot Bitcoin ETF holders, currently at $83,408, suggesting these investors are under pressure.
A sense of risk is evident in global Bitcoin investment products, which recorded a net outflow of more than $194 million in the week ended March 27.
Bitcoin's apparent demand continues to decline.
Bitcoin demand has remained negative since mid-December 2025 as traders and investors continue to take risks amid BTC price weakness.
Capriole Investment's Bitcoin Apparent Demand gauge shows that Bitcoin demand is at -1,623 BTC on Thursday and that sellers dominate it.
The continued decline in overall apparent demand indicates a persistent “retail sell-off,” CryptoQuant said in its latest weekly crypto report:
“The continued decline in demand from late November 2025 confirms that the broader market is in circulation.”
Meanwhile, Bitcoin's Coinbase Premium Index, which measures the price difference between Coinbase and Binance on the BTC/USD pair, remains in negative territory.
“The continued negative premium indicates that US investors have not entered the market yet,” CryptoQuant said.
This is consistent with the reduction in demand seen in chain metrics.
As Cointelegraph reports, Bitcoin prices risk new lows in the near term amid a strengthening US dollar.
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