Bitcoin’s price is hovering just above $61,800, up more than 4 % in the past day, yet a recent on‑chain snapshot shows that a majority of the coins in circulation are still trading below their purchase price. Glassnode’s Week Onchain report indicates that about 10.8 million BTC are in the red, compared with 9.2 million still in profit. In other words, loss‑making supply now makes up roughly 54 % of the measured total, outpacing the 46 % that are still profitable by around 1.6 million BTC.
This imbalance is a classic sign that the market is turning. When a large chunk of holders are still underwater, it can create a “floor” that attracts buyers who see value where others see loss. The headline that “Wall Street is selling Bitcoin but the old holders are now buying it back” captures this dynamic: institutional players who had previously sold are re‑entering, while the broader retail base remains cautious, reflected in the extreme‑fear reading on the Fear‑Greed Index.
For everyday investors, the key takeaway is that the market