Bitcoin Supply in Loss Hits Record 10.83 Million BTC

Nearly 11 million BTC are currently held at a loss, while long-term holders now control a record 14.8 million coins, underscoring shifting market dynamics.

As Bitcoin (BTC) slipped below $59,100 on Wednesday, the amount of supply in loss climbed to an all-time high of 10.83 million BTC, according to Glassnode data.

The world’s largest cryptocurrency has repeatedly tested the $60,000 level since February, briefly breaking below it on several occasions. The supply in loss stood at 9.8 million BTC four months ago and rose further to 10.78 million in early June.

Historically, bear market bottoms have coincided with roughly 10.5 million BTC held at a loss, a level seen near cycle lows in 2019, 2020, and 2022.

Breaking the data down further, about 5.58 million BTC are currently held at a loss by long-term holders (LTHs)—defined as investors who have held for at least 155 days. This marks the second-highest level on record, just below March 2020, when more than 5.6 million LTH BTC were in the red.

Despite this, long-term holders collectively control around 14.8 million BTC, a record high. With nearly 20 million BTC in circulation, LTHs now account for roughly 75% of total supply, with about 37% of their holdings currently underwater.

Historically, long-term holders tend to accumulate during bear markets and continue holding, increasing their share of supply, while typically distributing coins during periods of strong bull market rallies.