As the Bitcoin price fell below $59,100 on Wednesday, the amount of BTC held in loss increased to 10.83 million. According to Glassnode data, this level stood out as the highest loss supply ever recorded.
The amount of BTC in loss is similar to previous bottoms
The largest cryptocurrency on the market has tested the $60,000 threshold many times since February, occasionally falling below this level. Four months ago, the loss supply peaked at 9.8 million BTC. While this figure increased to 10.78 million at the beginning of June, it reached 10.83 million BTC with the latest decrease.
Looking at past cycles, approximately 10.5 million BTC in losses seems generally consistent with levels near bear market bottoms in 2019, 2020 and 2022. This provides a historical comparison of the current picture.
Glassnode data revealed that while Bitcoin fell below $ 59,100, the supply held at a loss rose to an all-time high of 10.83 million BTC.
Share of long-term investors is at historical peak
A breakdown of the data shows that 5.58 million BTC of this is held by long-term investors. Glassnode defines long-term investors as those who have held their coins for at least 155 days. The amount of BTC in loss in this group was the second highest level recorded after 5.6 million BTC seen in March 2020.
Glassnode is known as a research company that provides on-chain data and market analytics. According to the company’s data, the total amount of Bitcoin controlled by long-term investors reached a record level with 14.8 million BTC.
Mini dictionary: Long-term investor, in on-chain analysis, generally refers to wallets that hold their assets without selling for at least 155 days. This classification is used to track investor behavior that is less responsive to short-term price fluctuations.
| Indicator | Level |
|---|---|
| BTC supply at total loss | 10.83 million BTC |
| Long-term investors’ BTC in loss | 5.58 million BTC |
| Total BTC of long-term investors | 14.8 million BTC |
| Total circulating supply | Approximately 20 million BTC |
Approximately three quarters of the circulating supply is in this group
Considering that approximately 20 million BTC is in circulation, long-term investors hold approximately 75 percent of the supply. 37 percent of this amount is in the damage zone. Despite this, the increase in the total ownership of the group in question indicates that they maintain their positions despite market weakness.
Historically, long-term investors tend to accumulate and hold assets during bear markets. In periods of strong rise, it is seen that they generally switch to the sell side by taking advantage of the market momentum.
The total amount of Bitcoin held by long-term investors reached a record level of 14.8 million BTC, showing that this group increased its weight in the market despite the price pressure.
