Record 10.83 million BTC Now Held at a Loss

Record Number of Bitcoin Held Below Purchase Price Amid Market Challenges

Bitcoin has recently dipped below $59,100, leading to a historic 10.83 million BTC being held at a loss, according to data from Glassnode. This figure surpasses previous bear market lows and indicates significant financial pressure on investors.

Long-term holders, defined as those who have maintained their investments for at least 155 days, control a record 14.8 million BTC. Notably, 37% of these long-held coins are currently at a loss, highlighting the ongoing struggles within the market.

The cryptocurrency has been testing the $60,000 threshold since February, with substantial fluctuations. Just four months ago, the amount of BTC in loss peaked at 9.8 million and has steadily increased since then, reaching 10.78 million in early June.

Historically, bear market bottoms have shown a loss of approximately 10.5 million BTC, similar to figures from previous cycles in 2019, 2020, and 2022. Currently, 5.58 million BTC held by long-term investors are in a loss position, the second-highest recorded, trailing only March 2020.

Long-term holders now represent nearly 75% of the circulating supply of bitcoin, which is around 20 million BTC. Their behavior typically involves accumulating coins during downturns and selling during market peaks, which may be crucial for understanding future price movements.