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

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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.
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