Almost everyone who has bought Bitcoin (BTC) recently is sitting on a loss, according to Glassnode’s latest on-chain report, “Finding a Floor.”

The analytics firm found that more than 95% of the Bitcoin held by recent buyers is now underwater.

This means they bought at higher prices than where the coin trades today. It is a level of widespread pain that links to market capitulation.

Related: Analyst predicts 214% surge for battered stock

Almost no recent buyer is in profit

Glassnode tracks this with a metric called the Percent of Short-Term Holder Supply in Profit, which gauges how broadly profitability is distributed among newer investors — those who have held for less than roughly five months.

The reading recently bottomed at just 0.6% before edging up to 3.3%, far below its four-year average of 55%.

In simple terms, in a normal market about half of recent buyers are above water. Right now, almost none are.

Readings this low fall into what Glassnode calls a capitulation band. When nearly every recent buyer is in the red, the market turns structurally fragile. This is because those holders have very little cushion and are quicker to sell on bad news. So, any negative catalyst can set off a wave of selling at once.

The firm said recent buyers are already down about 17% to 19% on average and have been crystallizing losses at an accelerating pace.

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Still not a floor

Despite this, Glassnode stopped short of calling a bottom. The near-total loss, along with the metric’s failure to recover, suggests Bitcoin’s recent sideways trading is an “exhaustion pause” rather than a stable floor.

This means sellers have temporarily run dry, but fresh demand hasn’t shown up to mark a durable low.

As of press time, Bitcoin was up 2.6% and was trading near $63,281, but it is down more than 50% from its October record near $126,000.

Related: Analyst reveals the next Bitcoin bottom price

This story was originally published by TheStreet on Jun 11, 2026, where it first appeared in the Trading News & Analysis section. Add TheStreet as a Preferred Source by clicking here.