1 month ago
24
Key Takeaways
- Nearly 11M BTC are held at a loss, an all-time record.
- Long-term holders now control 78.9% of supply, also a record.
- Coins going underwater are being held, not sold.
Nearly 11 million BTC are held at a loss, the most in Bitcoin’s history, more underwater coins than at the 2018 or 2022 bottoms. At the same time, 78.9% of all circulating Bitcoin is held by long-term holders, also a record.
The Paradox
In past cycles, when the supply held at a loss hit extremes, it came with panic selling, weak hands capitulating into the market. That isn’t happening this time. The long-term holder data shows the opposite: accumulation is accelerating, not distribution. Coins falling into loss aren’t being dumped, they’re being held or quietly absorbed by patient capital.
The 78.9% long-term holder figure dwarfs every prior peak. The previous highs were 74.5% in the 2022-2023 bottom zone and 71.5% in 2018-2019. Today’s reading clears both by a wide margin, and it’s still climbing. So the coins going underwater aren’t triggering a wave of selling, they’re bein...
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