like bitcoin fell below $59,100 on Wednesday, the number held at a loss rose to a record 10.83 million BTC, Glassnode data shows.
The largest cryptocurrency has tested the $60,000 level repeatedly since February, briefly falling below it several times. Four months ago, losing supply peaked at 9.8 million BTC. It rose to 10.78 million in early June.
Looking at previous bear market lows, around 10.5 million BTC in losses are broadly consistent with levels seen near cycle lows in 2019, 2020, and 2022.
Breaking this down further, 5.58 million BTC are held at a loss by long-term holders (LTH), defined by Glassnode as investors who have held their coins for at least 155 days. This is the second-highest level on record, behind only March 2020, when more than 5.6 million bitcoins in the cohort were held at a loss.
Still, long-term holders now control approximately 14.8 million BTC, another all-time high. With approximately 20 million BTC in circulation, these investors hold about 75% of the circulating supply, 37% of which is in the red.
Historically, long-term holders tend to accumulate and continue holding during bear markets, increasing their share of the supply. During periods of peak bull market euphoria, they typically begin selling to gain market strength.
