Bitcoin is currently stuck below the $95,000 level, and chain data reveals something noteworthy: approximately 6.7 million BTC are now trading at a loss compared to their acquisition price. This represents the highest concentration of loss-bearing supply we've seen throughout this market cycle. According to Glassnode's latest metrics, this underwater position suggests heightened market sentiment concerns, with a significant portion of the circulating supply under water. The supply distribution remains a key indicator traders are monitoring as price action consolidates.