30% of Bitcoiners Are Underwater on Their Stack at $100K

Key points:

• Bitcoin is struggling to recoup losses that have hit multi-month lows below $100,000.

• Traders hope the whales will push the market higher to neutralize the shorts of late.

• Almost a third of the BTC supply is now held at an unrealized loss.

Bitcoin (BTC) rebounded to $103,000 at the Wall Street open Wednesday as traders took more heavy losses.

Bitcoin bull case eyes short liquidity clusters

Given by Cointelegraph Markets Pro and TradingView showed a gain of 1.5% in the BTC price on the day.

After reaching its lowest levels since June 22, BTC/USD finally saw some relief as long crypto liquidations exceeded $1.7 billion in 24 hours, according to data from the monitoring resource. CoinGlass.

Commenting on the latest market movements, trader Skew focused on derivatives, observing “aggressive” long positions that opened after the previous day’s drop.

$BTC
and there is your short coverage flow

Strong positive delta and bid flows driving the price here

Aggressive long opening as well, likely to balance deltas, especially from yesterday’s net short positioning

Price action tends to be quite erratic during these flows… pic.twitter.com/DuNT5oeu94

— Skew Δ (@52kskew) November 5, 2025

“Aggregated spot orderbooks the delta of the depth in the deepest scale has finally changed to green showing signs of the next bottom, 10% of the depth is already very positive,” the Exitpump comment. added.

“Remember this is a lagging indicator and takes time to play out.”

Hopes of a lasting market recovery have also leveraged the liquidity of the order book, with longs now neutralized and open interest considerably.

“The $BTC liquidation map tells a clear story. Most of the longs are gone, with some left around the $97K-$99K level,” the BitBull trader. noticed next to CoinGlass figures.

“On the downside, there are 4 large liquidity clusters at $102.5k, $111.5k, $116k and $117.5k. I don’t think the whales will ignore these large liquidity clusters.”

BTC supply in loss near the 30% mark.

Behind the panic saleMeanwhile, the hodlers’ profitability dilemma has become visible in the onchain data.

Related: Bitcoin price 21% dip “normal” as accumulator wallets buy 50K BTC in day

As reported by the onchain analytical platform CryptoQuant, the proportion of BTC supply in loss reached almost 30% on Tuesday.

This, contributor I. Moreno wrote in a “Quicktake“Blog post on the topic, it meant that almost a third of Bitcoin investors were under water on their potential, even at $100,000.

“While this might sound alarming, history shows that such levels have often marked local funds rather than failures during bullish cycles,” he explained.

“These loss limits tend to coincide with liquidity stress points where sellers run out.”

This article does not contain investment advice or recommendations. Every investment and business move involves risk, and readers should do their own research when making a decision.