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Bitcoin loss-making supply hit a record 10.83 million as BTC briefly fell below $59K

Bitcoin loss-making supply hit a record 10.83 million as BTC briefly fell below $59K

BTC briefly traded at 58,967.7 USDT on OKX as Glassnode said coins held at a loss reached a record 10.83 million, while Bloomberg reported veteran investors see a possible historical bottom zone but not necessarily a final low yet.

BTC
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Fact Check
All three claim components are corroborated. Odaily confirms BTC traded at exactly 58,967.7 USDT on OKX (below $59K). CoinDesk attributes the record loss-making supply of 10.83 million BTC to Glassnode. The Bloomberg article 'Bitcoin Bottom Hunters Fear Fresh Pain After $1.3 Trillion Rout' confirms veteran investors see possible historical bottom territory while cautioning that previous bottoms took months to form, matching 'not necessarily a final low yet.' CoinDesk's markets summary independently confirms the sub-$59K dip.
Summary

Bitcoin briefly fell below $59,000, with OKX market data showing BTC at 58,967.7 USDT and down 2.93% over 24 hours. Glassnode said the decline pushed Bitcoin supply held at a loss to a record 10.83 million coins, a reading it said echoes conditions seen near cycle bottoms in 2019, 2020 and 2022. Bloomberg also reported that Bitcoin has shed about $1.3 trillion in market value from its peak since last year, and that veteran investors see the selloff entering a historical bottom zone, though some estimates suggest a more durable low may not form until late summer or September.

Terms & Concepts
  • coins held at a loss: Bitcoin supply whose last moved price was above the current market price.
  • realized price: Average on-chain cost basis.
  • cycle bottoms: Periods when an asset nears the low point of a broader market downturn.