NewsBTC •
March 9, 2026 at 08:40 •
Analysis
A growing share of Bitcoin supply has slipped underwater, with CryptoQuant contributor Darkfost arguing that the market is now sitting much closer to historical bear-phase conditions than to a confirmed bull trend. His latest charts show 43% of Bitcoin supply held in UTXOs is currently in loss, leaving just 57% in profit. Darkfost is looking at the distribution of supply across Bitcoin’s unspent transaction outputs, a way of tracking how much coin supply is sitting above or below cost basis. In his reading, that metric has reached a zone that has historically marked the boundary between advancing bull markets and broader corrections. “Roughly one out of two investors is currently at a loss. More precisely, this refers to the supply held within each UTXO on Bitcoin. A...
