CryptoQuant analyst Zizcrypto said Bitcoin’s unrealized loss percentage is currently 35.2%, meaning about 35% of tracked supply is in an unrealized loss. According to ChainCatcher, the metric remains above 20% but has moved below the 40% deep stress zone and well under the 60% capitulation-like decline area.

Zizcrypto said the indicator briefly rose above 40% around the end of June, reaching 42.2%, then fell to 30.4% around July 21 before rebounding to 35.2%. In previous major bear-market phases shown on the chart, an initial test of the 40% area was often followed by a period of stressful consolidation before the metric moved closer to or above 60%, when capitulation-like selling tended to appear. Zizcrypto added that the amount of supply in unrealized loss remains elevated, but the latest reading is below the deep stress zone and has not reached capitulation-level pressure. The 40% and above-60% levels remain key areas to watch.