Bitcoin Long-Term Holders Restart Buying, Supply Up 14%
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Long-term Bitcoin holders restarted accumulation at the end of 2025, pushing their supply to 16.65 million BTC, up 14% from 14.6 million BTC on November 26, according to Coinglass data — a move Swan Bitcoin CEO Cory Klippsten says reveals an early bottom.
- The accumulation restart came nearly two months after the record $19 billion liquidation event in early October 2025, suggesting buyers stepped in after the crash cleared leveraged positions.
- Grayscale head of research Zach Pandl warned that if the CLARITY Act fails to pass this year, Strategy and other treasury companies may continue to "deleverage," causing Bitcoin to "fall moderately further."
- Galaxy Digital cut its odds of the CLARITY Act becoming law in 2026 to 50%, citing the US Senate running out of time to move the crypto market structure bill before its August recess.
- The CLARITY Act is set for a House of Representatives committee hearing on July 17 and aims to establish the first US regulatory framework for digital assets, but faces pushback from the banking industry over allowing yield on stablecoin holdings.
- Coinglass defines long-term holders as addresses that held BTC for at least 155 days, with increases in that cohort historically seen as a sign of confidence and reluctance to sell at current prices.
Why it matters: Long-term holders now control 16.65 million BTC — the most on record — representing the strongest cohort of committed capital Bitcoin has seen. But Galaxy Digital's 50% odds for CLARITY Act passage by August recess mean regulatory clarity is no longer certain, and Grayscale explicitly links Treasury company deleveraging to further Bitcoin downside, putting bullish holder conviction against unresolved legislative risk.
