The metric that matters most during a downturn is not how far price has fallen. It is how many people are sitting on losses — and whether they are close to capitulating.  Right now, that number has reached a level not seen since the early days of the Covid crash in March 2020. Glassnode data published on June 27, 2026 reveals that long-term Bitcoin holders are now carrying 5.6 million BTC at a loss.