Almost 11 million bitcoin are now held at a loss, while long-term holders have accumulated a record 14.8 million BTC, underscoring diverging trends across investor groups.

As Bitcoin (BTC) fell below $59,100 on Wednesday, Glassnode data showed the supply in loss rising to an all-time high of 10.83 million BTC.

The leading cryptocurrency has repeatedly tested the $60,000 level since February, briefly breaking below it on multiple occasions. Four months ago, supply in loss stood at 9.8 million BTC, increasing to 10.78 million in early June before reaching a new peak.

Looking at previous cycles, bear-market bottoms have typically coincided with around 10.5 million BTC in loss, a range also observed near lows in 2019, 2020, and 2022.

Breaking it down further, about 5.58 million BTC held by long-term holders (wallets aged 155 days or more) are currently underwater. This is the second-highest level on record, just below March 2020, when over 5.6 million LTH BTC were in loss.

Despite this, long-term holders collectively control roughly 14.8 million BTC, a record high. With about 20 million BTC in circulation, they account for nearly 75% of total supply, with around 37% of their holdings currently in loss.

Historically, long-term holders tend to accumulate during bear markets and hold through volatility, increasing their share of supply, while typically distributing coins during stronger bull-market phases.