Glassnode: Growing supply of BTC held at a loss adds to sell pressure

The supply of Bitcoin held by addresses at a loss has increased to approximately 8.33 million BTC amid the recent price decline, according to an analysis by Glassnode. The firm noted that when BTC was priced at $76,600, this figure stood at just 7.75 million BTC. This suggests that roughly 580,000 BTC were accumulated within the $72,900 to $76,600 price range. Glassnode explained that these addresses now holding at a loss could potentially sell to cut their losses, which may increase short-term selling pressure.