Bitcoin Break-Even Trap Is Killing Every Rally as Buyers Strike

From crypto diehards to first-time ETF buyers, the people who would usually be buying Bitcoin right now can’t bring themselves to do it. And the data explains why.

Nearly 9 million Bitcoin — 45% of all tokens circulating in the market — is currently worth less than what its holders paid for it. Based on a recent low of around $62,800, the picture was even worse: almost 10 million coins, essentially half the supply, were underwater, according to data from researcher Glassnode. The largest cryptocurrency by market value has lingered around that level for weeks now, suggesting damage to buyer ...