Bitcoin Supply Held at a Loss Hits Record 10.83 Million BTC
Bitcoin’s move below $59,100 pushed the amount of BTC held at a loss to a record 10.83 million, according to Glassnode data cited by CoinDesk. Long-term holders still control a record 14.8 million BTC, showing that a large share of supply remains in firm hands despite market weakness.
What happened?
Bitcoin’s move below $59,100 pushed the amount of BTC held at a loss to a record 10.83 million, according to Glassnode data cited by CoinDesk. Long-term holders still control a record 14.8 million BTC, showing that a large share of supply remains in firm hands despite market weakness.
Why it matters
Bitcoin’s decline below $59,100 on Wednesday pushed the amount of BTC held at a loss to an all-time high of 10.83 million coins, according to Glassnode data cited by CoinDesk. The figure means nearly 11 million bitcoin were last moved at prices higher than current market levels.
Bitcoin’s decline below $59,100 on Wednesday pushed the amount of BTC held at a loss to an all-time high of 10.83 million coins, according to Glassnode data cited by CoinDesk. The figure means nearly 11 million bitcoin were last moved at prices higher than current market levels.
The development matters because supply in loss is a widely watched on-chain measure of market stress. CoinDesk noted that roughly 10.5 million BTC in loss has historically appeared near bear-market lows in 2019, 2020 and 2022, making the latest reading a notable marker for traders tracking cycle conditions.
Bitcoin has tested the $60,000 area several times since February, briefly dropping below it on multiple occasions. Four months ago, supply in loss peaked at 9.8 million BTC, before rising to 10.78 million in early June and then reaching the new record of 10.83 million.
Long-term holders are also under pressure. Glassnode defines this group as investors who have held coins for at least 155 days, and 5.58 million BTC held by that cohort are now at a loss. CoinDesk reported that this is the second-highest level on record for long-term holder supply in loss, behind March 2020.
Even so, long-term holders now control about 14.8 million BTC, also an all-time high. With roughly 20 million BTC in circulation, the group holds close to 75% of circulating supply, with about 37% of those coins in the red. Historically, CoinDesk noted, long-term holders tend to keep accumulating through bear markets and often sell into periods of strong bull-market demand.