CryptoQuant analyst Zizcrypto said Bitcoin’s unrealized loss percentage currently stands at 35.2%, indicating that about 35% of tracked supply is now underwater. The reading remains above 20%, but has moved below the 40% zone the analyst described as a deep stress area, and stays well below the 60% level associated with capitulation-like declines. According to the post, the metric rose above 40% to 42.2% around late June, then fell to 30.4% around July 21 before rebounding to 35.2%. Zizcrypto said previous major bear market phases shown on the chart typically saw a stress consolidation period after the first test of the 40% area, followed by a move toward or above 60%, where capitulation-like selloffs often appeared. He added that unrealized losses remain elevated, but the latest reading is no longer in the deep stress zone and has not yet reached capitulation-level pressure. The 40% and above-60% levels remain key areas to watch.
CryptoQuant analyst Zizcrypto said Bitcoin’s unrealized loss percentage is currently 35.2%, meaning roughly 35% of tracked supply is sitting at an unrealized loss.
The metric is still above 20%, but it has dropped below the 40% range that he described as a deep stress zone. It also remains far below the 60% area tied to capitulation-like declines.
Recent moves in the metric
In his post, Zizcrypto said the indicator moved above 40% around late June and reached 42.2%. It then fell to 30.4% around July 21 before rebounding to 35.2%.
Comparison with prior bear market phases
Based on previous major bear market phases shown on the chart, Zizcrypto said a first test of the 40% region was usually followed by a period of stress consolidation. After that, the measure would move closer to or above 60%, a level that often coincided with capitulation-like selloffs.
He said the amount of supply in unrealized loss remains high, but the latest reading has already moved below the deep stress zone and has not yet reached capitulation-level pressure. The 40% mark and levels above 60% remain the main areas to watch.
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