Swan's Cory Klippsten sees record Bitcoin holder supply revealing early bottom

The Bitcoin holding level of long-term investors has reached a record high of 14.7 million Bitcoin, which could suggest that the crypto market bottom will come early, according to Cory Klippsten, CEO of Swan Bitcoin. 

“We're at an all-time high of BTC held in addresses of long-term holders,” Klippsten told Cointelegraph in an interview, which he said has “marked cycle lows historically.”

Bitcoin (BTC) supply held by long-term holders reached 14.7 million BTC on Wednesday, an all-time high that “signals continued conviction” among seasoned investors, according to crypto analytics platform Glassnode. 

Klippsten said these figures suggest that Bitcoin may find its cycle bottom earlier compared to previous cycles. That stands in contrast to several other analyses, including Lebit Mining Pool founder Jiang Zhuoer who predicted that Bitcoin would only bottom between October and December 2026, or about six months after Strategy's Multiple to Net Asset Value (mNAV) found its cycle low. 

“MSTR's mNAV has already dropped to 0.72,” approaching the lowest point of 0.7 seen on May 11, 2022, wrote Zhuoer, adding that Bitcoin may bottom with a six-month gap following Strategy’s mNAV, which may result in a cycle low near $42,000 to $44,000.

The mNAV measures a company’s stock market value compared to the intrinsic value of its treasury holdings. Both predictions suggest that Bitcoin’s price may sink lower, offering cheaper entry points for investors.

Cointelegraph's Ciaran Lyons (left) and Swan Bitcoin CEO Cory Klippsten (right), during an interview. Source: Cointelegraph

BTC long-term holder supply up 14% since November

Long-term holders restarted their Bitcoin accumulation at the end of 2025, nearly two months after early October's record $19 billion liquidation event.

The supply of Bitcoin held by long-term holders was 16.65 million BTC at publication time, up 14% from 14.6 million BTC on Nov. 26, data provider Coinglass shows.

Bitcoin long-term holder supply chart. Source: Coinglass

Coinglass tracks Bitcoin held by long-term holders, or addresses that held BTC for at least 155 days. Increases in that cohort are often seen as a sign of confidence in Bitcoin’s future value, showing reluctance to sell at current prices.

Related: DeFi TVL drops 39% in 2026 amid market downturn and record hack activity

CLARITY Act uncertainty weighs on Bitcoin demand

Other regulatory developments may also influence Bitcoin’s price action, such as the uncertainty about the passage of the CLARITY Act, according to crypto-focused asset manager Grayscale.

If the CLARITY Act doesn’t pass this year, Strategy and other treasury companies may continue to further “deleverage,” causing Bitcoin to “fall moderately further,” wrote Grayscale’s head of research, Zach Pandl, in a Friday report.

On Monday, Galaxy Digital cut its odds of the CLARITY Act becoming law in 2026 to 50%, warning that the US Senate is running out of time to move the crypto market structure bill before its August recess. 

The legislation is set for a House of Representatives committee hearing on July 17. The bill aims to establish the first regulatory framework for digital assets in the US, but has faced pushback from the banking industry over allowing yield on stablecoin holdings.

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