Glassnode Flags 9.3M BTC in Losses, Worst Since Jan 2023

Glassnode data shows 9.3 million BTC are underwater, marking the highest unrealized losses since January 2023 amid rising market pressure.

Written by Niharika Deshpande

Fact checked by Harsh Chauhan

Published Feb 6, 2026, 07:03 UTC

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Key Highlights:

Bitcoin (BTC) drops down to the $65,000 mark today, February 6, 2026.
According to Glassnode, more than 9.3 million BTC are currently trading below the price at which they were purchased at.
Bitcoin Fear and Greed Index has dropped down to 9.

Glassnode’s latest on-chain data shows that Bitcoin holders are currently under immense pressure. While BTC was hovering around $67,400, more than 9.3 million BTC were trading below their purchase price. According to the studies carried out by the crypto analytics company, this has been the largest loss level since January 2023. This number also highlights how stressed the market is right now.

As of now, the token has slipped to around $65,000 and has wiped out a great chunk of the recent gains. The total market value of the token has also come down and is hovering around $1.3 trillion. At press time, the price of the token stands at $65,726.88 with a drop of 6.53% in the last 24-hours as per CoinMarketCap.

Adding fuel to the fire, spot BTC ETFs also saw $434 million on February 5, 2026, as per SoSoValue data. This is a clear indication that the institutions are stepping back as of now. This is what made the sell-off even uglier.

Glassnode’s Big Warning Signal

According to Glassnode, about 45% of Bitcoin’s circulating supply is currently trading at a loss. This metric, called loss-bearing supply has not been this high since the early stages of the 2023 recovery.

The short term traders are stressed and long-term holders are also feeling the same kind of pressure. With this situation, if at all, panic selling picks up, the prices could slide even more. Glassnode also sees this as a possible capitulation zone, where weak hands finally give up.

The Pain Isn’t Just BTC’s Problem

The damage has spread across the entire crypto market. Total market value is currently down by almost 6% and this is dragging most altcoins deeper into the red. Almost every major altcoin has experienced a drop of 15-20%.

Sentiment has also completely tanked. The Crypto Fear and Greed Index has also crashed to just 9. A similar level of sentiment was felt during the worst moments of 2022. Moreover, it has been observed that this kind of fear usually brings in wild volatility.

Also Read: Bitcoin Crashes to $70K Amid Tech Panic and ETF Sell-Offs

Bitcoin News

Written By Niharika Deshpande

Niharika Deshpande is an Editor at CryptoNewsZ with over four years of experience in digital media. While she has a Master’s in Biochemistry, she is an expert at making hard blockchain ideas easy to understand. Niharika has a sharp eye for market trends and shares breaking news from the crypto world. She used to be a writer for well-known publications in the industry, where she did deep research. Her work focuses on giving readers clear facts to help them stay updated. Niharika is passionate about how blockchain changes different industries. She also spends time in the crypto community talking about new tech.

Fact Checked By Harsh Chauhan

Harsh Chauhan is a Senior News Editor at CryptoNewsZ. He has spent years reporting on the digital economy. He focused on DeFi, NFTs, AI, and digital asset developments. Harsh has a BBA in Marketing and a Blockchain Foundation certification. He does more than just share news. He uses on-chain data to explain Bitcoin ETFs and tokenized assets. Harsh is also a hands-on user. He has been staking and trading NFTs since 2021. His work helps readers understand a complex market with simple, data-backed facts.

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