Bitcoin holders slip under water, on-chain metrics show

Some on-chain Bitcoin metrics reflect sellers’ first concerted effort in two weeks as broader market wobbles

article-image

DUSAN ZIDAR / Shutterstock, modified by Blockworks

share

The world’s largest digital asset dipped 2.9% to $28,300 by late evening ET before clawing back some losses to current levels near $23,600, data shows. Several on-chain metrics have also dipped bearish.

The net unrealized profit/loss (NUPL) metric, which measures the difference between the current market price of bitcoin and the price at which coins were last purchased, fell to 0.307, its lowest level since July 7, Glassnode data shows. 

A drop lower suggests a significant number of holders are now underwater. The small move Wednesday comes following a period of disinterest as delays in spot ETFs are predicted until next year.

Meanwhile, futures contracts long liquidations, which measure the amount of money lost by traders who have bet on the price of bitcoin rising in the derivatives market, also reached a one-month high of $2.5 million on Binance. 

Some signs of life have been observed with the open interest in futures on Bybit reaching a 16-month high of $2.8 billion, though, even still, the markets remain relatively quiet.

“On-chain flows and extended supply assessments indicate passive market participants throughout the year,” digital assets brokerage K33 said in a recent research note.

Also, Thursday, the MVRV Z-Score, which measures the deviation of bitcoin’s price from its historical average, fell to a 1-month low of 0.611, suggesting the asset is currently trading below its historical average — a potential sign of oversold conditions.

Exchanges and various investment vehicles, including tokenized platforms or traditional brokers, are currently holding roughly 3.5 million BTC, with exchange balances at a multi-year low. The implication is that market liquidity is somewhat constrained, K33 added.

Limited liquidity could enhance the likelihood of more pronounced volatility once the market regains momentum, it said. On-chain activity for bitcoin has also continued to slow, with median transaction volume over seven days falling to one-month lows of $153, Glassnode data shows.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /