Glassnode's weekly on-chain report shows that 10.83 million Bitcoin, representing about 54% of the total supply, are held in loss positions, compared with 9.22 million Bitcoin in profit, or 46%, as of the latest week.

The data, which Glassnode describes as one of the sharpest deteriorations in investor profitability since the start of the current bull market, follows a period in which long-term holders had been distributing holdings.

Long-term holders have begun to rebuild positions, returning net position change to positive territory, while accumulation trend scores rose across multiple wallet cohorts, with the strongest gains observed among wallets holding less than one Bitcoin and entities holding between one and 1,000 Bitcoin. Meanwhile, U.S.-listed spot Bitcoin ETFs have recorded sustained net outflows, indicating continued de-risking by regulated investors. Order books on major exchanges such as Coinbase and Binance have shifted toward bid-side liquidity, with buyers adding liquidity below spot price, a pattern that may help form a price floor. Derivatives traders have increased put option demand, as reflected by a rising 14‑day put‑to‑call ratio, though implied volatility remains below panic levels.

The on‑chain accumulation and off‑exchange selling suggest a potential transition in market dynamics, but the extent to which these trends will translate into a price bottom remains uncertain.