UTXOs en Perte

UTXOs in Loss % counts the share of position receipts currently underwater: UTXOs whose creation price exceeds the current market price, divided by all UTXOs. It is the complement of UTXOs in Profit % (the two sum to roughly 100%). It earns its own page because of perspective: the profit side excels at spotting overheating, while the loss side carries more information during declines and recoveries — in a bear market the questions that matter are how many are underwater, how deep, and when they start surfacing, and those read most naturally off the loss curve.

Behavioral finance 101: an underwater position is a superposition of two energies. For short-term holders, paper loss is panic fuel — one more leg down triggers stop-loss cascades, the micro-mechanism behind SOPR breaking below 1. For long-term holders, paper loss more often hardens into refusal to sell before break-even. The same 40% loss share thus means entirely different things depending on who is trapped — consult this site's LTH and STH supply pages to identify the cohort.

Both tails tell stories. A push above 50% — more than half of all receipts underwater — has historically marked bear-market capitulation zones, where panic selling drives the entire cost structure above spot. Conversely, at fresh all-time highs almost no receipt can be underwater except those created moments ago, and the ratio approaches zero — this site's window printed exactly that extreme in mid-December 2024. Early rebounds off near-zero are routine bull-market metabolism; a sustained climb through the 30-40% area, however, signals deteriorating structure.

Three charts, three dimensions — keep them straight. This page (count) asks how many receipts are losing. Supply in Loss (coin volume) asks how many BTC are losing. Realized Loss (dollar flow) asks how much loss was actually locked in today. The first two are stock gauges of latent pressure; the last is the pressure-release gauge. The classic capitulation sequence: loss share and loss supply build for weeks, then realized loss explodes in a one-day purge, after which underwater stock recedes via both price recovery and coin turnover. The dust caveat from the profit page applies equally here: inscription-era micro-UTXOs pollute the count.

Alongside holder behavior, watch short-term leverage via BTC liquidations and funding rates.