Bitcoin Near $65,200 With ~9M BTC Underwater as Loss Supply Hits 45–46%

Bitcoin traded around $65,200–$66,689 as roughly 9 million BTC—about 45–46% of circulating supply—sat at an unrealized loss, with short-term holders showing $113.9 billion in losses. Analysts say similar readings in mid-2018, mid-2022 and January 2023 were followed by either deeper drawdowns or extended consolidation, leaving $63,000 and $69,000 as key nearby levels.