One of the most overlooked ways to assess market conditions is through invested capital rather than supply alone. Currently, a record $920 billion of capital invested in #Bitcoin is sitting at a loss, underscoring the scale of unrealized losses across the market. A #Bitcoin purchased at $126,000 represents a vastly different investment than one acquired at $1.

Which means the amount of capital at risk matters just as much as the number of coins. At the same time, only $153 billion of invested capital remains in profit, primarily because long term holders accumulated their positions at much lower prices. Viewed through this lens, the current bear market is placing substantial pressure on investor portfolios.