Round 8.9 million Bitcoin, or 45% of the circulating provide, is now underwater, marking the very best stage of provide in loss since January 2023, in accordance with CryptoQuant analyst J.A. Maartun. He stated capitulation danger climbs when this metric surges.
🔴 8,941,278 BTC is now sitting at a loss — the very best stage since January 2023.
That’s 45% of the circulating provide underwater 📉
Capitulation danger rises when this metric spikes. pic.twitter.com/NCp73fQy7q
— Maartunn (@JA_Maartun) February 5, 2026
Bitcoin has fallen about 10% up to now 24 hours, slipping beneath $65,500 on the time of reporting after breaking underneath the $67,000 stage early within the morning, per TradingView.
US Bitcoin ETFs recorded internet outflows in late January 2026, marking the second- and third-worst weeks in ETF historical past. Cumulative inflows have declined by 12.4% since their peak in October 2025.
