Swan CEO spots 14.7M $BTC in long-term hands — and yes, the holders are feeling themselves 📈

Bitcoin held by long-term investors climbed to an all-time high of 14.7 million $BTC on Wednesday, a level that has historically marked cycle lows and could indicate that the next market bottom arrives earlier than past cycles, according to Swan Bitcoin CEO Cory Klippsten. "We're at an all-time high of BTC held in addresses of long-term holders," Klippsten told Cointelegraph, noting that the metric has "marked cycle lows historically." Crypto analytics platform Glassnode said the figure "signals continued conviction" among seasoned investors.

The view contrasts with other bearish forecasts, including one from Lebit Mining Pool founder Jiang Zhuoer, who predicted Bitcoin would bottom between October and December 2026, roughly six months after Strategy's Multiple to Net Asset Value (mNAV) finds its cycle low. "MSTR's mNAV has already dropped to 0.72," Zhuoer wrote, approaching the 0.7 low recorded on May 11, 2022. He added that the six-month lag could place a cycle low near $42,000 to $44,000.

Long-term holders restarted their Bitcoin accumulation at the end of 2025, nearly two months after an early October record $19 billion liquidation event. The supply of Bitcoin held by long-term holders was 16.65 million $BTC at publication time, up 14% from 14.6 million $BTC on Nov. 26, according to data provider Coinglass. Coinglass defines long-term holders as addresses that held $BTC for at least 155 days, a cohort whose growth is often read as a sign of confidence and reluctance to sell at current prices.

Regulatory uncertainty is also weighing on demand. Grayscale head of research Zach Pandl wrote in a Friday report that if the CLARITY Act does not pass this year, Strategy and other treasury companies may continue to "deleverage," causing Bitcoin to "fall moderately further." On Monday, Galaxy Digital cut its odds of the CLARITY Act becoming law in 2026 to 50%, warning that the US Senate is running out of time to move the crypto market structure bill before its August recess.