After Bitcoin fell below $60,000 again this week, the scale of on-chain unrealized losses continued to expand. According to Glassnode data, at the latest price, 10.83 million BTC are currently trading at a loss, setting a new all-time high.
This means that the number of bitcoins currently at a loss based on purchase cost has exceeded levels seen near previous bear market bottoms. Despite price pressure, long-term holders' positions have not significantly weakened; instead, they continue to rise to new highs.
Unrealized supply reaches a new record
Data shows that on Wednesday, Bitcoin dropped to approximately $59,100, pushing the number of unprofitable supplies to 10.83 million BTC. Four months ago, this metric peaked at around 9.8 million; earlier this June, it rose to 10.78 million.
Historically, approximately 10.5 million BTC have been in unrealized loss, a level previously seen near the cycle lows of 2019, 2020, and 2022. The current increase in this data indicates that the range of unrealized losses continues to expand after repeated tests of the $60,000 price level.
The amount of coins held by long-term holders has reached a new high.
Glassnode defines investors who have held their coins for at least 155 days as long-term holders. Currently, this group holds approximately 5.58 million BTC in unrealized losses, the second-highest level on record, just below the level seen in March 2020.
However, the total holdings of long-term holders have risen to 14.8 million coins, also reaching a new high. Based on a circulating supply of approximately 20 million coins, these investors control nearly 75% of the circulating supply, with about 37% currently underwater.
$60,000 continues to face pressure
Since February this year, Bitcoin has tested the $60,000 level multiple times and briefly dipped below it on several occasions. The resulting price pullback has led to more holdings entering unrealized loss territory, but long-term holders have not shown signs of large-scale selling.
From the holding structure, the market faces short-term pressure while long-term holders continue to lock up their positions. This divergence typically indicates that price movements are driven primarily by marginal selling pressure and short-term capital, rather than a mass exit of long-term funds.