Bitcoin rebounds to $64,000 in July as long-term holders accumulate 84% of supply, the highest concentration since 2016.
Macro & Markets ·
Bitcoin climbed roughly 7% in July, moving from $58,000 to $64,000 after a difficult June. Long-term holders now command 84% of the total supply, while short-term holders have fallen to their lowest share since 2016—a shift that underscores strengthening conviction among investors willing to hold through volatility.
The concentration of Bitcoin among longer-duration holders reflects a structural change in market composition. As of June 2026, individuals held 66.1% of all Bitcoin, with businesses representing 7.8%, funds and ETFs at 7.2%, and approximately 7.7% estimated as lost. Within the long-term cohort, those holding for a decade or more account for 17.7% of supply at an average cost basis of $50,000.
Some analysts question whether the recent rebound signals a durable bottom, cautioning that market sentiment may be running ahead of fundamentals. The persistence of this supply concentration and the timing of accumulation patterns remain subjects of ongoing interpretation among market observers.