Like bitcoin fell below $59,100 on Wednesday, the number of losses increased to a record 10.83 million BTC, data from Glassnode shows.
The largest cryptocurrency has tested the $60,000 level repeatedly since February and briefly dipped below it several times. Four months ago, supply peaked in losses at 9.8 million BTC. It rose to 10.78 million in early June.
Looking at previous bear market bottoms, around 10.5 million BTC in losses is broadly in line with levels seen near cycle lows in 2019, 2020 and 2022.
Breaking this down further, 5.58 million BTC are held at a loss by long-term holders (LTHs), defined by Glassnode as investors who have held their coins for at least 155 days. This is the second highest level ever, behind only March 2020, when more than 5.6 million of the cohort’s bitcoin were held at a loss.
Still, long-term owners now control approximately 14.8 million BTC, another record high. With around 20 million BTC in circulation, these investors hold close to 75% of the circulating supply, of which 37% are in the red,
Historically, long-term holders tend to accumulate and continue to hold during bear markets, increasing their share of the supply. During periods of high market euphoria, they typically start selling at market strength.
