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Bitcoin supply in loss reaches record high 10.83 million BTC
Key takeaways
- The largest cryptocurrency has tested the $60,000 level repeatedly since February, briefly falling below it several times.
- Looking at previous bear market bottoms, around 10.5 million BTC in loss is broadly consistent with the 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.
Long-term holders now own a record 14.8 million BTC, with more than one-third at a loss, highlighting continued conviction despite market weakness.As bitcoin BTC$61,447.49 fell below $59,100 on Wednesday, the number held at a loss rose to a record 10.83 million BTC, data from Glassnode shows.
The largest cryptocurrency has tested the $60,000 level repeatedly since February, briefly falling below it several times. Four months ago, the supply in loss peaked at 9.8 million BTC. It climbed to 10.78 million in early June.
Looking at previous bear market bottoms, around 10.5 million BTC in loss is broadly consistent with the levels seen near cycle lows in 2019, 2020 and 2022.
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