Bitcoin‘s price dipped below $59,100 on Wednesday, pushing the amount of BTC held at a loss up to 10.83 million coins. According to data from Glassnode, this marks the largest volume of Bitcoin ever recorded at a loss.
BTC supply at a loss mirrors previous bear market lows
As the largest cryptocurrency on the market, Bitcoin has repeatedly tested the $60,000 threshold since February, dipping below it several times. Four months ago, the BTC supply held at a loss reached a high of 9.8 million coins. By early June, that number had climbed to 10.78 million, and after the latest drop, it now stands at 10.83 million BTC.
Historical data indicates that roughly 10.5 million BTC held at a loss corresponds to levels seen at market bottoms in 2019, 2020, and 2022. This comparison offers valuable historical context for the current decline.
Glassnode data revealed that as Bitcoin slipped below $59,100, the supply held at a loss reached a record 10.83 million BTC.
Share of long term holders at record levels
A breakdown of the figures shows that 5.58 million of the BTC held at a loss belong to long term investors. Glassnode defines long term holders as addresses that have retained their coins for at least 155 days. Within this group, the amount of BTC at a loss is the second largest ever recorded, just behind the 5.6 million BTC figure seen in March 2020.
Glassnode is known as a provider of on chain analytics and market research. Their data also indicates that the total BTC controlled by long term holders has climbed to an all time high of 14.8 million coins.
Glossary: In on chain analysis, “long term holder” generally refers to wallets that have held an asset without selling for at least 155 days. This classification helps track investor behavior less responsive to short term price movements.
| Indicator | Level |
|---|---|
| Total BTC supply at a loss | 10.83 million BTC |
| BTC at a loss held by long term holders | 5.58 million BTC |
| Total BTC held by long term holders | 14.8 million BTC |
| Total circulating supply | Approx. 20 million BTC |
Long term holders own almost three quarters of all BTC
With around 20 million BTC in circulation, long term holders now own roughly 75% of all Bitcoin supply. Of this amount, 37% is currently held at a loss. Despite ongoing market weakness, the growing share of supply controlled by this group suggests that long term investors are continuing to maintain their positions.
Historically, long term investors are known to accumulate and hold during bear markets. When the market enters strong bullish phases, these holders often capitalize on momentum by moving to the sell side.
With the total Bitcoin held by long term investors climbing to a record 14.8 million coins, this group continues to increase its dominance in the market despite price pressure.
This data highlights the resilience and steadfastness of long term holders, even as the broader market faces declining prices. Their continued accumulation and expanding share underscore a fundamental shift in Bitcoin’s investor landscape.
Market observers point to these patterns as indicators of potential future recoveries, noting that similar behavior has preceded uptrends in past cycles. The present record numbers under pressure may test the resolve of many, but history suggests that periods of extreme loss concentration can mark turning points for price action.
As Bitcoin continues to fluctuate around critical support levels, analysts will closely watch how supply held by both short and long term holders evolves. Any significant shift in these metrics could signal a change in market sentiment or investor behavior.
