Bitcoin’s large holders are back in profit, and small wallets never really left

Key Summary

Bitcoin's large holders are back in profit after a June 2026 drawdown, with 51.4% to 55% of the circulating supply still holding onto profits. The June low, between $58,500 and $70,000, saw around 10.2 million BTC underwater before prices recovered. Mid-to-large holders, holding 100-1,000 BTC, accumulated significantly after the drawdown and continued to buy, indicating conviction rather than opportunistic flipping. Small wallets, however, did experience unrealized loss pressure but did not capitulate in large numbers. Bitcoin's price did not close below its realized price during the drawdown, a first in its tracked history of bear markets. By September and October 2026, Bitcoin had pushed toward the $80,000 to $87,000 range, with single-day profit realizations reaching approximately 25,700 BTC.