Bitcoin Pain Turns to Gain as Unrealized Losses Hit 90-Day Low Amid $100K Charge

Blood in the streets? Not anymore. Bitcoin’s unrealized losses—the paper cuts haunting HODLers—just evaporated to their lowest level since February as the king coin flirts with six figures.

Wall Street’s favorite ’volatile asset’ (until they quietly allocate 5% of their portfolio) now shows 85% of addresses in profit—a psychological tipping point that historically precedes new ATH runs. Meanwhile, goldbugs cope harder.

Fun fact: This recovery comes exactly 3 years after the Terra/Luna collapse. Coincidence? The blockchain doesn’t lie—but your financial advisor might.

So far in 2025, NUL has remained above the current 0.0034 level for 102 of the year’s 127 days. This means that for more than 80% of the year, the average Bitcoin holder was sitting on deeper paper losses than they are now.

This compression in unrealized losses has taken place gradually as bitcoin climbed from $94,360 on Jan. 1 to a YTD high of $106,160 on Jan. 21 and then dropped to a YTD low of $76,270 on Apr. 8.

On Feb. 20, the last time NUL was lower, Bitcoin’s daily high stood at $98,770, meaning that the latest price action is unfolding in an environment that closely resembles the tail end of the February rally.

The return to such low unrealized loss levels is structurally meaningful. During periods when NUL is elevated, drawdowns often follow as investors seek to exit breakeven or cut losses.

With NUL low, those mechanisms are no longer in play. Instead, selling pressure must come from profit-taking or external catalysts, rather than mechanical stop-outs or capitulation. This shifts the short-term risk-reward equation in Bitcoin’s favor, especially as it approaches $100,000.

But it also suggests that sharp rallies may require new inflows or shifts in sentiment, given the absence of a relief-driven bid from underwater holders.