9.3M BTC Underwater, Highest Since Jan 2023

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