TL;DR: CryptoQuant shows 9.09M BTC, about 46% of supply, held at a loss as BTC trades near $66,500. Recent buyers from $80,000 to $108,000 drive the cohort now underwater in this cycle. The loss reading is second-deepest since 2022, below the mid-2022 peak near negative 10M during Luna and FTX fallout.
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