Bitcoin's price drop to around $59,100 on Wednesday pushed 10.83 million BTC into a loss, the highest number on record, according to Glassnode. This surpasses previous peaks seen during bear-market bottoms in 2019, 2020, and 2022, which were around 10.5 million BTC. Long-term holders (LTHs), defined as investors holding for at least 155 days, now control a record 14.8 million BTC, or 75% of the circulating supply. Of this, 5.58 million BTC (37%) are at a loss, the second-highest level behind March 2020. Despite the market weakness, LTHs continue to accumulate, reflecting strong conviction. Historical patterns show that long-term holders tend to hold through bear markets and sell during bull-market peaks.

Key facts

• 10.83 million BTC in loss on Wednesday, highest ever recorded.
• Previous bear-market bottoms saw around 10.5 million BTC in loss.
• Long-term holders own 14.8 million BTC, a record, with 37% at a loss.
• LTHs' loss count of 5.58 million BTC is second only to March 2020.
• LTHs hold 75% of circulating supply, continuing to accumulate.

KeyAudit data perspective