Record 10.83 Million Bitcoin Now Held at a Loss After BTC Drops Below $59,100

As bitcoin dropped below $59,100 on Wednesday, the number of coins held at a loss hit an all time high of 10.83 million BTC according to on chain data from Glassnode. That figure now exceeds the peaks seen near cycle lows in 2019, 2020 and 2022, when around 10.5 million BTC in loss was broadly consistent with bear market bottoms.

Four months ago that number sat at 9.8 million BTC. By early June it had climbed to 10.78 million. The latest drop pushed it past all previous records.

Long-Term Holders Are Sitting on Losses Too — But They Are Not Selling

Of the 10.83 million BTC in loss, 5.58 million belong to long-term holders investors who have held their coins for at least 155 days. That is the second highest level on record, just behind March 2020 when over 5.6 million long-term holder coins were underwater.

Despite being deep in the red, long-term holders now control approximately 14.8 million BTC another all-time high. With roughly 20 million BTC in circulation, this group holds close to 75% of the entire circulating supply, with 37% of that sitting at a loss.

Historically this is exactly what long-term holders do they accumulate and hold through bear markets, growing their share of supply. They typically only start selling when bull market euphoria peaks and prices are moving strongly higher.