Bitcoin's 33% Gain Leaves Many Buyers Still Underwater

Bitcoin has experienced a significant quarterly rebound, with a 33.4% gain over the past 90 days, but its price remains 29.7% lower than a year ago. Despite this recovery, many buyers are still underwater, waiting for their break-even price to be reached. The break-even price varies depending on when each buyer entered the market, with those who purchased near the record high of $126,080 needing a 49% increase to break even, and those who bought at the start of 2026 requiring a 4.9% gain. The timing of purchases matters, with long-term holders like Strategy Inc. benefiting from the recent rally, while recent buyers may need to be patient before reaching their break-even price.

Strategy Inc. reports an average purchase price of $75,419, resulting in a 12% gain, while Strive, an asset manager, purchased its latest batch of Bitcoin at an average price of $85,396, putting it 0.9% above the current price. However, the overall percentage of Bitcoin holders who are still at a loss is unknown, and any estimates remain speculative. The recent slowdown in momentum, with a 7.8% gain in the last month and only 0.5% over the past week, may indicate that the price needs to stabilize before further growth.