One of the worst bear markets in history—losing chips are even more than at the end of 2022; are the people who bought at the top doing okay?

CoinWires news: The current Bitcoin bear market has been regarded as one of the most severe in history. Based on available data, the proportion of Bitcoin supply currently in a loss position has returned to a level similar to November 2022, indicating that a very large portion of circulating supply is currently underwater. Compared with November 2022, the number of Bitcoins in circulation is now close to 20.5 million, meaning that even with a similar loss ratio, the absolute number of Bitcoins trading below their purchase price has increased significantly. In other words, the number of Bitcoins held with unrealized losses is higher than the level at the bottom of the 2022 cycle. This phenomenon also reveals the unsettling reality of the previous bull run: despite reaching new highs, institutional adoption, and the expansion of Bitcoin ETFs, there are still many investors in the market who bought at high levels and are currently in a loss position.