aggregated●·Crypto·

Bitcoin Hits 21-Month Low Near $58K as Record 10.83M BTC Sits at a Loss

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Bitcoin dropped to approximately $58,000, its lowest price in 21 months, extending a year-to-date decline of roughly 30%. A record 10.83 million BTC is now held at a loss — meaning more coins are underwater than at any prior point in history. The move coincided with $12.9 billion in options contracts expiring, amplifying near-term selling pressure as derivatives markets flashed panic signals.

Why it matters

When a record share of Bitcoin holders are sitting on losses, the risk of capitulation selling rises sharply — holders who bought higher may sell to cut losses, pushing prices lower still. Bitcoin ETFs and crypto-adjacent equities face direct downside, and a sustained break below $58,000 could trigger stop-loss cascades across leveraged positions. Broader risk appetite across crypto altcoins would likely deteriorate further if Bitcoin fails to stabilize.

Watch next

Watch for Bitcoin's price action in the days immediately following the $12.9B options expiration. Monitor the next major U.S. CPI inflation report (~mid-month) and the next FOMC meeting for macro catalysts that could shift risk appetite.

26 sources

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