Bitcoin [BTC] is going through a tough time in the market, with concerns about losses and possible selling pressure from major holders.
However, it is not as hopeless as it seems.
Bitcoin underwater – A strong entry point?
About 80% to 90% of invested capital is currently loss-making, leaving a large portion of market participants in trouble. However, this is not the first time the market has reached such levels.
Similar circumstances have occurred in previous cycles and each time there has been a recovery phase.
High, unrealized losses often accompany peak fear, when sentiment is weak but long-term value begins to improve.
This doesn’t guarantee an immediate reversal, but it puts Bitcoin in an accumulation zone that investors would likely look at.
MARA Holdings is adding to the sales woes
According to Arkham Intelligence, MARA Holdings (the fourth largest BTC treasury) transferred 200 BTC worth approximately $13.84 million. This is interesting because the receiving wallet appears to be linked to sales activity!
The last time MARA sent Bitcoin to this wallet was about two months ago. It’s not a confirmed sale, but it has added to the gloomy mood already in the market.
At a time when much of Bitcoin capital is already losing money, such moves could increase short-term selling fears and put pressure on BTC’s price.
Bitcoin price remains above the key support level
Despite the recent weakness, not all hope is lost Bitcoin does.
Some are labeling the current state is more of a “compression” than a complete market reset. Although BTC is down about 50% from its 2025 peak, the price is still above $68.6K, well above key long-term support levels.
At the time of writing, BTC was still above the realized price ($54.1K), the LTH realized price ($49.2K), and the investor price ($49.5K). The broader cost base of the market is therefore still intact.
The weakness seemed even more visible among recent buyers, with BTC still trading below the STH Realized Price ($79.2K) and the True Market Mean Price ($78.3K).
This implied that while STHs are under pressure, the long-term support structure has not yet collapsed.
Final summary
- Bitcoin’s price entered an important accumulation zone, where at the time of writing 80-90% of capital had been lost.
- Despite the selling scare, BTC remains above its key long-term on-chain support.