Analysis Suggests 874,000 BTC Held at a Loss Could Be Sold During a Price Rally

WHY IT MATTERS

When people buy Bitcoin at a certain price and the price drops below that level, they are said to be "underwater" or holding at a loss. Think of it like buying a concert ticket for $100 and then seeing the same ticket available for $80 — you would be sitting on a $20 loss if you sold. Many investors tend to wait until they can at least break even before selling, which means that if the price recovers to the level where they originally bought, a wave of selling can occur. On-chain analysis is a method unique to crypto that uses public blockchain records to estimate when and at what price coins were last transferred, giving researchers a rough idea of where these breakeven levels might cluster. This kind of analysis is not a prediction — it is an observation about where selling pressure might appear based on past behavior.