Bitcoin is trading just above $77,000, yet on-chain data shows that roughly 7.75 million BTC are still held below their purchase price. In recent weeks, the number of coins underwater has ranged from 7.64 million to 7.75 million, a setup the source compares with conditions often seen in prior bear-market periods.
That leaves a sizable pool of unrealized losses still sitting in spot holdings. If fresh positive catalysts fail to appear, or if key support levels break, those positions could turn into broader sell pressure through a capitulation phase. Even so, data cited from BGeometrics says about 53% of Bitcoin supply remains above cost basis, meaning a majority of coins are still in unrealized profit.
Current underwater supply remains below the February peak
The report notes that the amount of BTC held at a loss reached a much higher level in February, peaking at 9.7 million coins. Current readings are below that extreme, but the ownership profile has shifted through 2026. New whale buyers have been entering at higher price levels, while earlier whales with lower cost bases have been taking profit and trimming exposure.
This rotation has not been limited to individual holders. The article says most ETF-related selling happened earlier, while corporate treasuries have shown little change in their Bitcoin reserves since then. During the recent narrow trading range, whales have tended to accumulate on lower prices, while selling activity picks up once BTC moves above $78,000.
Large holders trim, small wallets leave faster
Across wallet cohorts, the sharpest 12-month change came from the biggest holders. So-called humpback whale wallets reduced their BTC balances by 8.5%, while smaller whale wallets posted a 3.72% decline. Over the last 30 days, the number of wallets holding 10 to 100 BTC fell by 41. Shark wallets, by contrast, were mostly stable.
The clearest sign of stress came from the smallest holders. Over the past month, more than 42,000 shrimp wallets, defined here as wallets holding less than 1 BTC, were fully emptied and exited the market. At the same time, most whale wallets kept their positions, which has so far helped prevent a broader panic unwind.
Whale cost basis rises to $77,253
Since February, whales have continued adding BTC even at higher entry points. As of May 25, their average cost basis had climbed to $77,253, with most recent accumulation taking place around or above $72,000.
Latest figures cited from CryptoAppsy platforms show Bitcoin trading slightly above $77,000, only marginally above that average cost basis. That suggests most holders are not deeply underwater right now. Still, if support gives way, selling pressure could build quickly. One-month volatility has dropped to around 1%, but the report says leverage exposure and fast spot liquidation risk remain in the market, while strategic whale selling could limit short-term upside.