Just caught something interesting on the chain data. Apparently around 9 million Bitcoin holders are currently underwater right now, which works out to roughly 46% of all BTC in circulation. That's a pretty significant chunk when you think about it.

According to the latest analysis, this 46% figure gives you a sense of where sentiment sits in the market. Nearly half of all Bitcoin holders sitting in losses definitely tells a story about where we've been price-wise. It's one of those metrics that's worth keeping an eye on since it can shift pretty quickly depending on where price moves next.

So yeah, close to 46% of the supply in the red. Curious to see if this number starts dropping as we move forward or if it stays around this level. Always good to check these on-chain metrics to get a feel for the actual market health beyond just looking at the chart.