According to Cory Klippsten, CEO of Swan Bitcoin, Bitcoin holdings by long-term investors have reached a record high of 14.7 million Bitcoins, which may suggest that the bottom in the cryptocurrency market will come sooner.
“We achieved the highest ever level of BTC held in long-term holder addresses,” Klippsten told Cointelegraph in a report interviewwhich, in his opinion, “marked the historical lows of the cycle.”
Bitcoin (BTC) supply held by long-term holders reached 14.7 million BTC on Wednesday, an all-time high that “signals continued confidence” among savvy investors According to to the Glassnode cryptographic analytics platform.
Klippsten said these numbers suggest that Bitcoin may find the bottom of the cycle earlier compared to previous cycles. This contrasts with several other analyses, including that of Lebit Mining Pool founder Jiang Zhuoer predicted that Bitcoin will only bottom out between October and December 2026, approximately six months after the strategy’s net asset value (mNAV) multiple declared its low cycle.
“MNAV MSTR has already dropped to 0.72,” approaching the low of 0.7 recorded on May 11, 2022, Zhuoer wrote, adding that Bitcoin could bottom with a six-month break from the strategy’s mNAV, which could result in a cycle low near $42,000-$44,000.
mNAV measures the stock market value of a company compared to the intrinsic value of its treasury shares. Both predictions suggest that Bitcoin’s price could fall, offering investors cheaper entry points.
Cointelegraph’s Ciaran Lyons (left) and Swan Bitcoin CEO Cory Klippsten (right) during an interview. Source: Cointelegraph
The supply of long-term BTC holders has increased by 14% since November
Long-term holders resumed Bitcoin accumulation in delayed 2025, almost two months after a record $19 billion liquidation in early October.
Bitcoin’s supply held by long-term holders was 16.65 million BTC at press time, up 14% from 14.6 million BTC on November 26, data provider Coinglass can be seen.
Supply chart of long-term bitcoin holders. source: Coinglass
Coinglass tracks Bitcoin held by long-term holders or addresses that have held BTC for at least 155 days. Rise in this cohort is often seen as a sign of confidence in Bitcoin’s future value, showing a reluctance to sell at current prices.
Related: DeFi TVL will decline by 39% in 2026 due to market downturn and record hacker activity
TRANSPARENCY The uncertainty of the law affects the demand for Bitcoin
According to cryptocurrency-focused asset manager Grayscale, other regulatory changes could also impact Bitcoin’s price action, such as uncertainty over the passage of the CLARITY Act.
If the CLARITY Act is not passed this year, Strategy and other treasury companies could continue deleveraging, causing Bitcoin to “moderate further decline,” Grayscale research chief Zach Pandl wrote on Friday. report.
On Monday, Galaxy Digital lowered the odds of the CLARITY Act passing in 2026 to 50%, warning that the U.S. Senate is running out of time to advance the Cryptocurrency Market Structure Act before the August recess.
The legislation is scheduled to be heard by a House committee on July 17. The bill aims to establish the first regulatory framework for digital assets in the U.S. but has faced resistance from the banking industry for allowing stablecoins to be profitable.
Warehouse: Bitcoin, the ‘canary in the coal mine’, demand for XRP transactions drops by 91.5%: market movements
