BTC investors face record $920 billion in losses

The Bitcoin price is under pressure, and that is clearly reflected in the data. Analyst Darkfost points to a striking signal: the invested capital currently sitting at a loss in Bitcoin has reached a record high of $920 billion. That figure tells a different story from the traditional way of measuring profit and loss, which is based on the number of coins.

Bitcoin is available at OKX and Bybit.

Capital versus number of coins

Most on-chain analyses look at how much Bitcoin is held in profit or loss. But Darkfost argues that it is equally important to look at the capital deployed. His reasoning is simple: 1 Bitcoin bought at $126.000 represents a completely different investment than 1 Bitcoin bought for $1. The larger the amount invested, the harder it becomes for investors to sustain a prolonged decline.

At the moment, only $153 billion of the total invested capital is in profit. That relatively small amount is largely explained by the fact that early buyers acquired their coins for a fraction of the current price. As a result, they need little capital to maintain their unrealised gains. The large group of recent buyers faces a very different situation, as can also be seen in the chart where the red area represents the loss-making capital that currently dominates.

Bear market hits portfolios hard

The Bitcoin price stands at around $61K at the time of writing, a decline of 1.9% over the past 24 hours. Earlier, the price approached the critical level of $60.000, causing additional tension among many investors. The current situation is therefore not only technically challenging, but also psychologically tough for the large group of buyers who entered at higher levels.

Darkfost concludes that the bear market hits investors’ portfolios particularly hard from a capital perspective. At the same time, the data shows that short-term holders have already reached the worst capitulation point of 2026, indicating that pressure on recent buyers is increasing further. Whether this leads to mass selling or instead forms a bottom remains the big question in the Bitcoin market for now.