Nearly 11 million BTC are now underwater as prices dip below $60,000, surpassing prior bear-market lows.
Bitcoin’s drop to $59,100 pushed 10.83 million BTC into loss territory, the highest level on record. The decline breached key support near $60,000, a level tested repeatedly since February.
Previous peaks in supply held at a loss reached 9.8 million BTC four months ago and 10.78 million in early June. Historical data shows 10.5 million BTC in loss aligns with cycle lows in 2019, 2020, and 2022.
Long-term holders now control 14.8 million BTC, an all-time high, with 5.58 million of those coins underwater. This cohort holds roughly 75% of the circulating supply, signaling strong conviction despite losses.