Swan's Cory Klippsten sees record Bitcoin holder supply revealing early bottom
Bitcoin’s long-term holder supply has hit a record high, signaling strong conviction among seasoned investors and possibly an earlier market bottom than in prior cycles. Cory Klippsten said the all-time high in BTC held by long-term addresses has historically marked cycle lows. Glassnode reported long-term holder supply at 14.7 million BTC, while Coinglass showed it rising to 16.65 million BTC, up 14% since late November. The outlook is not unanimous. Some analysts expect Bitcoin to bottom much later, potentially in late 2026, with one view linking a cycle low to Strategy’s declining mNAV and a possible BTC range near $42,000–$44,000. Regulatory uncertainty may also weigh on price. Grayscale warned that if the CLARITY Act stalls, treasury firms could continue deleveraging, putting additional pressure on Bitcoin. Galaxy Digital recently cut the odds of the bill passing in 2026 to 50%.
