Approximately 9.09 million Bitcoins are in a loss-making state, about 46% of circulating supply. As reported by KuCoin News, comparable on-chain readings show roughly 9.3 million coins, or about 45% (https://www.kucoin.com/news/flash/9-3m-bitcoins-in-loss-highest-since-jan-2023?utm_source=openai).