As of April 2025, over a quarter (26%) of Bitcoin investors are underwater, meaning their holdings are worth less than the purchase price. This marks a significant increase from December, where only 0.015% of Bitcoin was underwater. The percentage rose from 1.46% in January to current levels due to macroeconomic concerns impacting crypto prices, resulting in Bitcoin trading at approximately $76,880.56, down 3.7% in the last 24 hours. Although the percentage of underwater investors is notable, it is still considerably lower than the over 56% recorded during the crypto crash in November 2022. These fluctuations in investor fortunes are attributed partly to the influx of Bitcoin purchases towards the end of 2024 and the influence of recent trade policies that have affected global markets. Despite current losses, investors are generally in a better position than during previous downturns, with institutional investments showing a declining trend as flows out of Bitcoin ETFs have been negative for seven of the last eight days.

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