Bitcoin’s underwater supply hits 8.33 mln BTC - Will $73K hold the line?
Bitcoins [BTC] latest decline has steadily reshaped market structure as more recent buyers slipped below their cost basis. When BTC fell from $76.6k to $72.9k, the total supply in loss rose from 7.75 million BTC to 8.33 million BTC. This added roughly 580,000 BTC to underwater supply, indicating heavy accumulation occurred near local highs before momentum weakened. Source: Glassnode As a result, psychological pressure continues building across short- and medium-term holders. Currently, $73k represents the average entry for 1–3 month holders and serves as the markets first defensive line. If this level fails, attention could quickly shift toward $69k, where 18-month to 2-year holders maintain their average cost basis. Source: CryptoQuant Meanwhile, resistance has begun forming near $79k and then $84k, reflecting the cost bases of more recent cohorts. Any recovery attempt could encounter heavier selling as underwater holders seek breakeven exits. However, if BTC successfully reclaims $79k, it would suggest demand is absorbing overhead supply, potentially easing pressure and improving sentiment across these trapped cohorts. Negative Spot flows reinforce Bitcoins supply overhang The pressure building across underwater holders is now spilling directly into Spot market behavior. Earlier, rising unrealized losses increased the risk of supply overhang. Now, Spot Volume Delta remains firmly negative, confirming that many participants continue selling








