{"id":545578,"date":"2026-07-02T14:45:53","date_gmt":"2026-07-02T13:45:53","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=545578"},"modified":"2026-07-02T14:37:39","modified_gmt":"2026-07-02T13:37:39","slug":"wall-street-is-selling-bitcoin-the-old-holders-are-buying-it-back","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/wall-street-is-selling-bitcoin-the-old-holders-are-buying-it-back\/","title":{"rendered":"Wall Street is selling Bitcoin but the old holders are now buying it back"},"content":{"rendered":"

Glassnode's latest Week Onchain report shows that roughly 10.83 million BTC are now in the red, against 9.22 million still in profit.<\/p>\n

Loss-making supply now accounts for roughly 54% of the measured total, compared with 46% still in profit, meaning underwater coins exceed profitable coins by about 1.61 million BTC.<\/p>\n

\"Bitcoin's
Infographic showing 54% of Bitcoin's circulating supply (10.83 million BTC) is held at a loss, exceeding the 46% held in profit by roughly 1.61 million BTC.<\/figcaption><\/figure>\n

Glassnode describes this as one of the sharpest deteriorations<\/a> in investor profitability since the current bull market began, a threshold with real psychological weight.<\/p>\n

Crossing it before has coincided with genuine capitulation among newer buyers, the kind of stress that shapes a structural drawdown.<\/p>\n

Underwater holders are the ones most prone to selling into panic or exiting near breakeven once the price recovers<\/a>, which keeps a layer of resistance above the market<\/a>.<\/p>\n

Yet those same coins can migrate to higher-conviction buyers if patient capital is willing to absorb them, and Glassnode's data shows exactly that kind of buyer has begun to show up.<\/p>\n

The seller profile is already changing underneath that stress, as Glassnode says long-term holders have started rebuilding positions, a reversal from an extended stretch of distribution, with net position change back in positive territory.<\/p>\n

The pace stays modest, well short of the buying waves seen in prior accumulation cycles, but the direction has turned. The first sign of a bottom often shows up here, in experienced holders deciding a drawdown is worth buying, well before price<\/a> itself confirms anything.<\/p>\n

Glassnode's<\/a> Accumulation Trend Score climbed across multiple cohorts this week, with the strongest readings among wallets holding less than 1 BTC and entities holding 100 to 1,000 BTC.<\/p>\n

Wallets in the 1,000-to-10,000 BTC range also turned net buyers. Bitcoin's<\/a> quiet bid is spreading across the entire ownership ladder, from the smallest wallets to mid-sized entities.<\/p>\n

US-traded spot Bitcoin ETFs remain in sustained net outflow territory, and that selling pressure has persisted even as on-chain conviction builds in the opposite direction. The ETF<\/a> story explains why the price stays weak, while the on-chain story explains who is taking the other side.<\/p>\n\n\n\n\n\n\n\n\n\n\n
Market layer<\/th>\nCurrent signal<\/th>\nWhat it means<\/th>\nArticle implication<\/th>\n<\/tr>\n<\/thead>\n
ETF investors<\/strong><\/td>\nSustained net outflows<\/td>\nRegulated wrappers are still de-risking<\/td>\nExplains why price remains weak<\/td>\n<\/tr>\n
Long-term holders<\/strong><\/td>\nNet position change back in positive territory<\/td>\nExperienced holders are rebuilding exposure<\/td>\nSuggests supply is moving to patient hands<\/td>\n<\/tr>\n
Small wallets<\/strong><\/td>\nStrong accumulation among sub-1 BTC wallets<\/td>\nRetail-sized holders are buying the drawdown<\/td>\nThe bid is not only institutional or whale-driven<\/td>\n<\/tr>\n
Mid-sized entities<\/strong><\/td>\nStrong buying among 100\u20131,000 BTC entities<\/td>\nLarger on-chain holders are also absorbing supply<\/td>\nAccumulation is broadening across cohorts<\/td>\n<\/tr>\n
Large wallets<\/strong><\/td>\n1,000\u201310,000 BTC wallets turned net buyers<\/td>\nBigger holders are no longer only distributing<\/td>\nConfirms the seller profile is changing<\/td>\n<\/tr>\n
Spot order books<\/strong><\/td>\nCoinbase and Binance shifting toward bids<\/td>\nBuyers are placing liquidity below spot<\/td>\nA base can form even while price looks weak<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

Coinbase<\/a> and Binance<\/a> both show books shifting toward the bid, with buyers adding liquidity below spot. That bid looks patient, which is why the price can still look weak even as a base starts to form underneath it.<\/p>\n

Hyperliquid traders hold a long bias at the highest level Glassnode has tracked, using leveraged exposure to bet on a bounce before spot conviction is fully confirmed.
\nThe cash market is trying to build a floor, while the derivatives market is trying to get there first.<\/p>\n

Options traders are already paying up for protection: the 14-day put-to-call volume ratio climbed above 1.0, its highest reading in a year. Implied volatility is climbing too, up from depressed levels, though Glassnode stops short of calling it a panic reading.<\/p>\n

The market carries enough fear to begin bottoming, though the fear needed to confirm a finished capitulation may still be building.<\/p>\n

Put together, the pattern looks unusual for a bottoming process, and Bitcoin may be finding a floor through an unusual mechanism: ETF investors are selling while stronger, more patient hands absorb the exit in real time.<\/p>\n

Glassnode frames it as an early, still-developing bottoming process and flags that a final capitulation-driven volatility spike stays possible.<\/p>\n

Long-term holders buying also trails the scale of prior accumulation waves by a wide margin, keeping the recovery in accumulation fragile.<\/p>\n

Bitcoin can probably bottom without ETF inflows returning, as long as outflows slow enough to stop overpowering on-chain accumulation, and the crowded long positioning on Hyperliquid unwinds gradually through price strength.<\/p>\n\n\n\n\n\n\n\n\n
Scenario<\/th>\nWhat happens next<\/th>\nConfirmation signal<\/th>\nWhat it means<\/th>\n<\/tr>\n<\/thead>\n
Bull case: controlled migration<\/strong><\/td>\nETF outflows slow while long-term holders and wallet cohorts keep accumulating<\/td>\nBid-heavy order books absorb underwater supply; Hyperliquid longs resolve through a bounce<\/td>\nThe transfer phase becomes the bottom<\/td>\n<\/tr>\n
Base case: fragile bottoming<\/strong><\/td>\nAccumulation continues, but ETF outflows and underwater supply keep rallies capped<\/td>\nBTC chops sideways while loss supply stops expanding<\/td>\nBitcoin builds a base, but recovery stays uneven<\/td>\n<\/tr>\n
Bear case: final capitulation<\/strong><\/td>\nCrowded Hyperliquid longs get flushed while ETF outflows persist<\/td>\nImplied volatility spikes and underwater holders capitulate lower<\/td>\nSupply still transfers to stronger hands, but through a sharper washout<\/td>\n<\/tr>\n
Failure case: accumulation fades<\/strong><\/td>\nLong-term holder buying slows and cohort accumulation narrows<\/td>\nBid-heavy order books disappear; ETF outflows keep dominating<\/td>\nThe market was pausing inside a broader drawdown, not bottoming<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

\"Wall<\/a><\/h2>\n

How this plays out<\/h2>\n

In the bull case, ETF outflows continue but slow<\/a>, while long-term holders and broader wallet cohorts continue to accumulate through the summer.<\/p>\n

Bid-heavy order books keep absorbing supply from newer, underwater holders<\/a>, and the aggressive Hyperliquid long positioning resolves through a genuine bounce.<\/p>\n

Bitcoin's correction becomes a controlled migration, from ETF sellers and short-term holders into the hands of patient on-chain capital, and the transfer phase becomes the bottom.<\/p>\n

In the bear case, the crowded long positioning in Hyperliquid gets flushed, ETF outflows persist, and underwater holders capitulate at lower prices.<\/p>\n

Implied volatility spikes toward genuine panic levels, and long-term holder accumulation slows as the drawdown deepens. Bitcoin still ends up transferring to stronger hands, but through one final capitulation event.<\/p>\n

Bitcoin's next bottom may begin with an unusual sequence: institutions leaving, weaker holders capitulating, and stronger hands quietly taking the other side. A bottom starts as a turnover in who owns the supply, well before it shows up in price.<\/p>\n","protected":false},"excerpt":{"rendered":"

Glassnode’s latest Week Onchain report shows that roughly 10.83 million BTC are now in the red, against 9.22 million still in profit. Loss-making supply now accounts for roughly 54% of the measured total, compared with 46% still in profit, meaning underwater coins exceed profitable coins by about 1.61 million BTC. Glassnode describes this as one […]<\/p>\n","protected":false},"author":1511,"featured_media":545654,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[120,79312],"tags":[],"post_folder":[],"acf":[],"yoast_head":"\nWall Street is selling Bitcoin but the old holders are now buying it back<\/title>\n<meta name=\"description\" content=\"ETF sellers are leaving Bitcoin, but long-term holders are absorbing the exit, turning the selloff into an ownership reset.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/wall-street-is-selling-bitcoin-the-old-holders-are-buying-it-back\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wall Street is selling Bitcoin but the old holders are 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