Bitcoin Supply in Loss Hits Record 10.83 Million as Long-Term Holdings Reach All-Time High

Bitcoin fell to about $59,000 intraday, driving the amount of supply held at a loss to a record high. At the same time, the amount of Bitcoin held by long-term investors climbed to an all-time high.

CoinDesk, citing Glassnode data, reported on June 25 that 10.83 million Bitcoin were in loss after the token fell to about $59,100 on Wednesday. That is the largest amount on record, exceeding the loss-making supply seen at past bear-market bottoms.

Supply in loss refers to Bitcoin whose current price is below the price at which it last moved. In on-chain terms, it measures the amount of Bitcoin sitting at an unrealized loss because the current price is below its last acquisition or transfer price.

Bitcoin has tested the $60,000 level several times since February. Four months ago, supply in loss rose to 9.8 million Bitcoin, and earlier in June it increased to 10.78 million. The latest decline pushed that figure to 10.83 million, above the previous peak.

CoinDesk said about 10.5 million Bitcoin in loss broadly matches levels seen near cycle bottoms in 2019, 2020 and 2022.

Loss-making supply held by long-term holders also remained elevated. Glassnode classifies investors who have held Bitcoin for at least 155 days as long-term holders. The amount of Bitcoin they currently hold at a loss stood at 5.58 million, the second-highest reading since March 2020, when it exceeded 5.6 million.

By contrast, total Bitcoin held by long-term holders reached a record 14.8 million. With circulating supply at about 20 million, long-term holders account for roughly 75% of coins in circulation. Of that total, about 37% is held at a loss.

CoinDesk reported that long-term holders have historically continued to accumulate and hold through bear markets, increasing their share of supply. During overheated bull-market phases, they have often sold into market strength.