Nearly 11 million bitcoin are now sitting at a loss, while long-term holders have reached a record 14.8 million BTC, highlighting contrasting pressures across investor cohorts.
As Bitcoin (BTC) dropped below $59,100 on Wednesday, the amount of supply in loss climbed to a record 10.83 million BTC, according to Glassnode data.
The asset has repeatedly tested the $60,000 level since February, briefly breaking below it multiple times. Four months earlier, supply in loss stood at 9.8 million BTC, rising to 10.78 million in early June before setting a new high.
In past market cycles, bear-market bottoms have tended to align with roughly 10.5 million BTC in loss, levels also seen near lows in 2019, 2020, and 2022.
Breaking the data down further, around 5.58 million BTC held by long-term holders (defined as wallets aged 155 days or more) are currently in loss. This is the second-highest level on record, just below March 2020, when more than 5.6 million LTH BTC were underwater.
Even so, long-term holders collectively control about 14.8 million BTC, a new all-time high. With total circulating supply near 20 million BTC, these holders account for roughly three-quarters of all coins, with about 37% of their holdings currently in the red.
Historically, long-term holders tend to accumulate during downturns and maintain their positions, increasing their share of supply, while gradually distributing coins during strong bull-market phases.
