Like Bitcoin fell below $59,100 on Wednesday, the number held at a loss hit a record 10.83 million BTC, according to Glassnode data.
The largest cryptocurrency has tested the $60,000 level several times since February, briefly falling below it on several occasions. Four months ago, the losing supply peaked at 9.8 million BTC. It climbed to 10.78 million in early June.
Looking at previous bear market lows, a loss of around 10.5 million BTC is broadly in line with levels seen near cycle lows in 2019, 2020, and 2022.
Breaking it down further, 5.58 million BTC is held at a loss by long-term holders (LTH), defined by Glassnode as investors who have held their coins for at least 155 days. This is the second highest level on record, behind only March 2020, when more than 5.6 million bitcoins in the cohort were held at a loss.
Even so, long-term holders now control around 14.8 million BTC, another all-time high. With around 20 million BTC in circulation, these investors hold almost 75% of the circulating supply, including 37% in the red,
Historically, long-term holders tend to accumulate and continue to hold during bear markets, thereby increasing their share of the supply. During periods of peak bull market euphoria, they usually start selling their securities based on market strength.
