$BTC is starting to show signs of real stress again.

Almost half of the circulating supply is now underwater, meaning a lot of holders are sitting on losses. That’s a big shift from just a week ago when price was holding above $70K.
What’s more interesting is long-term holders. Many of them were in profit recently but now a large portion has slipped into the red.
Flows are also turning. Stablecoin inflows are fading, ETFs and miners are no longer accumulating like before.
Still, we’re not seeing full panic yet. Coins aren’t rushing to exchanges at scale.
Feels like pressure is building but not breaking at least for now.
Informational post only, not financial advice.