The current landscape of Bitcoin holdings indicates a significant trend among long-term investors, as noted by Swan Bitcoin CEO Cory Klippsten. He reports that the supply of Bitcoin held by these investors has reached a record high of 14.7 million BTC, which may suggest that the crypto market is approaching its bottom sooner than in previous cycles.
Long-Term Holder Supply Reaches New Heights
According to data from crypto analytics platform Glassnode, the Bitcoin supply held by long-term holders has hit an all-time high, reflecting a strong conviction among seasoned investors. Klippsten stated, “We’re at an all-time high of BTC held in addresses of long-term holders,” which historically has marked cycle lows.
Contrasting Predictions on Market Bottom
While Klippsten’s analysis suggests an early bottom, other industry figures, such as Jiang Zhuoer, founder of Lebit Mining Pool, predict that Bitcoin will not reach its bottom until between October and December 2026. Zhuoer highlighted that the Strategy’s Multiple to Net Asset Value (mNAV) has already dropped to 0.72, nearing the lowest point of 0.7 observed on May 11, 2022. This could imply a cycle low for Bitcoin in the range of $42,000 to $44,000.
Market Dynamics and Accumulation Trends
Long-term holders resumed their accumulation of Bitcoin at the end of 2025, following a significant liquidation event in early October that saw $19 billion in liquidations. As of now, the supply of Bitcoin held by long-term holders stands at 16.65 million BTC, marking a 14% increase since November 26, when it was 14.6 million BTC. Such increases are often interpreted as a sign of confidence in Bitcoin’s future value, indicating a reluctance to sell at current prices.
Regulatory Uncertainty and Its Implications
Further complicating the market dynamics is the uncertainty surrounding the CLARITY Act, which aims to establish a regulatory framework for digital assets in the U.S. The potential failure of this legislation could lead to continued deleveraging among treasury companies, possibly causing Bitcoin prices to decline further. Galaxy Digital has reduced the likelihood of the CLARITY Act passing in 2026 to 50%, citing time constraints in the Senate before its August recess. The bill is scheduled for a committee hearing on July 17.
This article was produced by NeonPulse.today using human and AI-assisted editorial processes, based on publicly available information. Content may be edited for clarity and style.
