10.83M BTC Now in Loss, Marking Record Level for Bitcoin Holders

Close to 11 million bitcoin are now held at a loss, even as long-term holders accumulate a record 14.8 million BTC, highlighting a split in market positioning.

With Bitcoin (BTC) slipping below $59,100 on Wednesday, Glassnode data showed the supply in loss rising to an all-time high of 10.83 million BTC.

The asset has repeatedly tested the $60,000 level since February, briefly breaking below it several times. Four months ago, supply in loss was around 9.8 million BTC, rising to 10.78 million in early June before setting a new record.

Historically, bear market lows have aligned with roughly 10.5 million BTC in loss, a range seen near cycle bottoms in 2019, 2020, and 2022.

On a more granular level, about 5.58 million BTC held by long-term holders—defined as coins held for at least 155 days—are currently in loss. This is the second-highest level on record, just under March 2020, when more than 5.6 million LTH BTC were underwater.

At the same time, long-term holders collectively control around 14.8 million BTC, an all-time high. With total circulating supply near 20 million BTC, they account for roughly three-quarters of all coins, with about 37% of their holdings currently in loss.

Historically, long-term holders tend to accumulate during downturns and continue holding through volatility, increasing their share of supply, while gradually distributing coins during strong bull-market phases.