Long-Term Bitcoin Investors Accumulate as Institutional Holdings Change Hands
Wall Street capital became an important source of incremental BTC demand after the U.S. Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January 2024. ETF outflows are now being absorbed by older on-chain wallets, signaling a shift in holdings from price-sensitive institutions to patient capital. The transition is therefore seen as an important indicator of a potential market bottom.
Glassnode said on July 1, 2026, that about 10.83 million BTC were held at an unrealized loss, exceeding the 9.22 million held at a profit. ETFs also recorded their largest monthly net outflow since inception in June. Long-term holders instead added a net 50,000–100,000 BTC, while Bitcoin returned to $60,000 that day and traded at $60,163. Confirmation of a bottom, however, still depends on ETF outflows abating and whales entering the market.
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The history behind this eventBitcoin Long-Term Holders Lock Up 75% of Supply, Signaling Potential Bear-Market Bottom
Bitcoin’s long-term holders are generally less affected by short-term price swings. Their growing share of holdings indicates that circulating supply is shifting from short-term traders to longer-term investors. On-chain analyst Murphy said such concentration often occurs when market sentiment is pessimistic and selling pressure is gradually being absorbed, potentially signaling that a bear-market bottom is forming rather than warning of a price peak.
Murphy said Bitcoin’s long-term holders had accumulated a record net position as of June 17, locking up about 75% of the network’s circulating supply. Whether a bottom has been established will depend on whether their distributions continue to decline in stages. Only a sustained easing in selling would provide stronger confirmation that market selling pressure is nearing exhaustion.
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