Bitcoin Buyers Left High and Dry by Recent Rally

Bitcoin has seen a significant surge of 35% in the past 90 days, but some buyers still find themselves underwater. The cryptocurrency's value has risen to around $85,975, but it remains 29% lower than its value a year ago.

The profitability of a Bitcoin purchase largely depends on when the buyer entered the market. Those who purchased in early July, when the price was around $63,500, are up about 35%. Buyers from early August and early September have also gained, with increases of 33% and 9% respectively.

However, buyers from January 2026 and earlier are still underwater. A January buyer is down about 3% and needs a similar increase to recoup their investment. For those who bought at the peak price of $126,080, they would need a climb of about 47% to break even.

Corporate investors also reflect this divide. Strategy, a company that holds 847,666 BTC, bought for around $63.95 billion, averaging roughly $75,400 per coin, has a paper gain of about $9 billion, or 14%. However, if Bitcoin's price drops below $85,396, Strategy's average cost would fall underwater.