Diamond hands hold firm! Bitcoin long-term holdings hit a new high of 14.7 million coins, Swan CEO: Market bottom will arrive earlier.

As Bitcoin falls below $60k, the "diamond hands" in the market show remarkable composure.

According to Cointelegraph, the supply of Bitcoin held by long-term holders has surged to an all-time high of 14.7 million BTC.

Swan Bitcoin CEO Cory Klippsten optimistically notes that this strongly suggests the market bottom may arrive earlier than expected; however, facing the uncertainty of U.S. regulatory bills and the shadow of institutional deleveraging, some analysts still warn that Bitcoin could drop to $42k.

(Background: Institutions stop buying! Bitcoin faces a "$4.4 billion supply glut" crisis, Strategy's selling intensifies pressure)

(Background: Bitcoin long-term holders' unrealized profit drops to 24%, nearing cost basis; CryptoQuant: It's a correction, not capitulation)

Table of Contents

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• Long-term holdings hit record high, Swan CEO calls for "earlier bottom"
• Where exactly is the bottom? Analysts engage in bullish-bearish debate
• If regulatory bill stalls, it may trigger institutional "deleveraging" selling pressure

As Bitcoin (BTC) recently struggles around $58,000 and institutional funds continue to see net outflows, on-chain data reveals another powerful force stabilizing the market: veteran investors are aggressively accumulating coins and resolutely refusing to sell.

Long-term holdings hit record high, Swan CEO calls for "earlier bottom"

According to the latest data from blockchain data analytics platform Glassnode, the supply controlled by Bitcoin long-term holders (LTHs, typically addresses holding for more than 155 days) reached an all-time high of approximately 14.7 million BTC on Wednesday. Data from another analytics firm, Coinglass, shows that figure has climbed to 16.65 million BTC, a significant increase of 14% compared to November 2025.

Swan Bitcoin CEO Cory Klippsten, in an exclusive interview with Cointelegraph, pointed out that long-term holders began a lengthy reaccumulation process after the devastating $19 billion liquidation wave at the end of 2025. He emphasized that this indicator has historically been a key sign of a "cycle low." Based on these seasoned investors' strong confidence in Bitcoin's future value, Klippsten boldly predicts that the bear market bottom of this cycle will appear "earlier than in previous cycles."

Where exactly is the bottom? Analysts engage in bullish-bearish debate

Although Klippsten is optimistic about an early bottom, there are distinctly different voices in the market. Major analytical institutions still have significant disagreements on when Bitcoin will bottom and how deep the drop will be:

| Analyst / Institution | | --- | Predicted bottom time and price | Key arguments and indicators | | --- | --- | --- | | Swan CEO (Cory Klippsten) | Near-term early bottom | Long-term holder positions hit record high; market floating supply exhausted; selling pressure significantly reduced. | | Laitibi Mining Pool (Jiang Zhuoer) | October-December 2026 ($$42K – $44K) | MicroStrategy (MSTR)'s mNAV has dropped to 0.72 (close to the 2022 low); historical experience shows that the BTC bottom typically lags the mNAV low by 6 months. |

If regulatory bill stalls, it may trigger institutional "deleveraging" selling pressure

In addition to the battle on the technical and supply front, macro policy risk is also a sword hanging over Bitcoin. Grayscale Research Head Zach Pandl warns that the legislative progress of the first U.S. crypto asset regulatory framework, the CLARITY Act, will be key in determining market direction. If the bill cannot pass smoothly this year, institutions including MicroStrategy may be forced to continue "deleveraging," leading to a "moderate but sustained further decline" in Bitcoin's price.

Currently, the political outlook for this bill is not optimistic. Galaxy Digital has lowered the probability of the bill passing in 2026 to 50%. The main reason is the extremely tight time before the U.S. Senate recess in August, and the bill is facing strong opposition from traditional banking industries in the House committee (especially regarding the allocation of stablecoin income). Before the regulatory situation is settled, Bitcoin's "diamond hands" may have to endure a period of bumpy tests.