Bitcoin’s ‘supply in loss’ doubled as price dipped below $112k

A 3% decline in price showed how quickly underwater supply expands near all-time highs.

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

September brought a fresh wave of selling pressure to Bitcoin, captivating investors as the market faced a significant downturn without leading to the full-blown panic seen in earlier drawdowns of 2025. Within just a few days, BTC price plunged from $116,478 to $112,719, resulting in a notable spike in the percentage of coins held at a loss. Despite the alarm bells, the episode played out differently from past turmoil. Did Bitcoin's resilience indicate a new norm, or could a further decline push the market to critical stress levels?