Fidelity Reports Bitcoin Supply Held by Long-Term Investors Hits All-Time High

Fidelity Digital Assets reports that the supply of Bitcoin (BTC) held by long-term investors has reached an all-time high. Research analyst Zack Wainwright indicates that this group reflects strong investor conviction. Nearly 15 million coins have remained unmoved for at least 155 days, signaling confidence among holders. Historically, this supply has expanded during bear markets and contracted during bull markets, with a record set on July 5, 2026, while prices remained under pressure. Currently, nearly 40% of long-term holders are at an unrealized loss, yet many continue to hold their positions. Bitcoin is trading approximately 50% below its October 2025 peak of over 126000. Previous bear markets have seen declines of 70%, 80%, and even 90%, but Wainwright views the current decline as a sign of market maturation. He notes that various on-chain metrics are nearing levels historically linked to Bitcoin's market cycle bottoms, although it remains uncertain if these signals indicate a turning point. Benjamin Cowen from BeInCrypto suggests a potential low near 44000 in the fourth quarter, emphasizing that the bear-market framework is still in place. August is highlighted as a critical month, historically negative in prior midterm election years, with losses ranging from 15% to 18%.

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