Bitcoin has entered what analysts describe as a historic accumulation zone, with approximately 80% to 90% of invested capital currently underwater. Despite this, the cryptocurrency remains above several key long-term on-chain support levels. The market mood was further dampened by a transfer of 200 BTC, worth approximately $13.84 million, from the fourth-largest treasury, MARA Holdings, to a wallet linked to previous selling activity.
Roughly 80% to 90% of invested capital in Bitcoin is currently at a loss, a condition that has appeared in previous market cycles. Analysts note that high unrealized losses often coincide with peak fear, potentially marking a value accumulation zone.
According to Arkham Intelligence, MARA Holdings transferred 200 BTC to a wallet associated with selling activity. This move, while not a confirmed sale, has added to existing selling concerns amid a somber market mood.
Despite recent weakness and being down roughly 50% from its 2025 peak, Bitcoin’s price held above $68,600. It remained well above key long-term on-chain support levels, including the Realized Price and Long-Term Holder Realized Price.
As noted by some observers, the current state is being labelled a “compression” rather than a full market reset. The broader cost basis of the market appears intact, with weakness more visible among recent buyers.
Final data shows Bitcoin trading below the Short-Term Holder Realized Price and True Market Mean Price. This implies recent buyers are under pressure, but the long-term support structure has not yet given in.
