Fidelity Digital Assets Notes All-Time High in Long-Term Bitcoin Holder Supply
Fidelity Digital Assets reports that the supply of Bitcoin held by long-term investors has reached an all-time high, with nearly 15 million coins remaining unmoved for at least 155 days. This trend is seen as a sign of investor conviction and aligns with on-chain metrics approaching levels historically associated with market cycle bottoms. Bitcoin currently trades about 50% below its October 2025 peak, but the decline has been less severe than in previous bear markets, which saw drops of up to 90%. Analyst Zack Wainwright suggests this shallower correction indicates a maturing market. Fidelity's data shows that nearly 40% of long-term holders are at an unrealized loss yet continue holding their positions. Market analyst Benjamin Cowen anticipates the bear-market bottoming window in Q4, forecasting a low near $44,000. While Fidelity notes strong conviction among long-term investors, it does not confirm whether the current phase marks the final stage of the bear market.
Topics: bear market Bitcoin Fidelity Digital Assets long-term holders on-chain data