{"id":44612,"date":"2026-05-25T16:38:31","date_gmt":"2026-05-25T16:38:31","guid":{"rendered":"https:\/\/cryptomag.finance\/?p=44612"},"modified":"2026-05-25T16:38:31","modified_gmt":"2026-05-25T16:38:31","slug":"bitcoin-faces-7-75m-coin-overhang-as-holders-sit-on-losses","status":"publish","type":"post","link":"https:\/\/cryptomag.finance\/?p=44612","title":{"rendered":"Bitcoin faces 7.75M-coin overhang as holders sit on losses"},"content":{"rendered":"

BTC supply at a loss has returned to levels typical of a bear market. As of May 2025, 7.75M coins are held at a loss, testing the patience of investors.<\/b><\/p>\n

BTC traded just above $77,000, leaving a larger part of the supply at a loss. The coins at a loss varied between 7.64M and 7.75M, depending on the exact metrics.<\/span><\/p>\n

\"BTC
BTC supply in loss remains elevated, while the average cost basis is very close to the current market price, building an overhang of spot BTC for a capitulation event. | Source: CoinGlass<\/a>.<\/figcaption><\/figure>\n

The overhang of coins held with unrealized losses is a direct danger for an eventual capitulation. If other factors do not boost the price of BTC, the overhang may be a factor for capitulation.<\/span><\/p>\n

Only around 53% of the BTC supply is held with unrealized gains, based on BGeometrics <\/span>data<\/span><\/a>.<\/span><\/p>\n

Will the new BTC holders remain steady?<\/span><\/h3>\n

In 2026, BTC switched holders, with accumulation coming from strategic whales. As Cryptopolitan <\/span>reported<\/span><\/a> earlier, old whales with a low cost basis were among the top sellers.<\/span><\/p>\n

Currently, the supply in loss is still lower than February\u2019s peak of 9.7M coins. However, in 2026, there was a rollover of ownership, with new whales buying at a new price range.<\/span><\/p>\n

ETF holders are among the first to shed BTC, while former reliable buyers from treasury companies are almost inactive.<\/span><\/p>\n

BTC is now trading in another tight range, with whale accumulation at lower prices and distribution above $78,000. This setup benefits strategic whales that have adapted to the new sideways trading and volatility.<\/span><\/p>\n

BTC volatility has been down to <\/span>1%<\/span><\/a> in the past month, but this tight range can still lead to liquidations and speculative trading.<\/span><\/p>\n

Will BTC holders support or crash the market?<\/span><\/h3>\n

Almost all types of wallets moved BTC in some form. However, the panic-selling or strategic distribution affected different periods.\u00a0<\/span><\/p>\n

In total, the largest \u2018humpback whale\u2019 wallets shed 8.5% of their holdings in the past 12 months. Smaller whale wallets decreased by 3.72%.<\/span><\/p>\n

In the past 30 days, wallets with 10-100 BTC decreased by a total of 41, while shark wallets mostly held their BTC.<\/span><\/p>\n

\"BTC
BTC sharks are the most numerous and influential holders, with minimal distribution in the past year. | Source: Dune Analytics<\/a>.<\/figcaption><\/figure>\n

The biggest panic capitulation was in shrimp wallets with under 1 BTC, where over 42,000 wallets were emptied out in a mass <\/span>retail capitulation<\/span><\/a>.<\/span><\/p>\n

BTC is highly dependent on the readiness of whales to hold for the long term. Despite the recent market slide, the recent market cycle has not seen a really deep capitulation of over 70%.<\/span><\/p>\n

Since February, BTC has been accumulated even with a rising cost basis. Accumulation started at around $72,000 per BTC, recently rising to a cost basis of $78,000. As of May 25, the average cost basis is at <\/span>$77,253<\/span><\/a>, exposing holders to a relatively small unrealized loss on average.<\/span><\/p>\n

The past month showed retail shrimp wallets were more likely to capitulate, while other wallet cohorts mostly retained their holdings. The spot supply overhang is thus still safe from a panic-selling capitulation, though some whales may decide on strategic distribution and prevent the BTC price from rallying in the short term.<\/span><\/p>\n

The smartest crypto minds already read our newsletter. Want in? Join them<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

BTC supply at a loss has returned to levels typical of a bear market. As of May 2025, 7.75M coins are held at a loss, testing the patience of investors. BTC traded just above $77,000, leaving a larger part of the supply at a loss. The coins at a loss varied between 7.64M and 7.75M, […]<\/p>\n","protected":false},"author":1,"featured_media":44613,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[45],"tags":[],"class_list":["post-44612","post","type-post","status-publish","format-standard","has-post-thumbnail","category-bitcoin"],"yoast_head":"\nBitcoin faces 7.75M-coin overhang as holders sit on losses - Cryptomag<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptomag.finance\/?p=44612\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin faces 7.75M-coin overhang as holders sit on losses - Cryptomag\" \/>\n<meta property=\"og:description\" content=\"BTC supply at a loss has returned to levels typical of a bear market. 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