Analysis: Bitcoin Long-Term Holders Reach Record 16.3 Million in Holdings, But Average Unrealized Profit is at a Low Level

Odaily reported that CryptoQuant analyst Darkfost stated on platform X that the holdings of Bitcoin long-term holders (LTH, holding coins for more than 6 months) have hit a new all-time high, currently exceeding 16.3 million BTC. Their average cost basis is approximately $49,400, and based on the current price, the unrealized profit is only about 30%, a relatively low level. In contrast, in January 2025, the net unrealized profit of long-term holders once reached as high as about 340%.

Darkfost also stated that during the end of the last bear market, long-term holders as a whole were in a state of approximately 20% unrealized loss, and the market ultimately experienced a deeper correction. This suggests that the market could still see further corrections in the future, potentially pushing long-term holders back into loss territory, but this is not an inevitable repetition of historical patterns. He advised investors to be prepared for both market rallies and corrections.