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Long-term holders are not selling, why views differ on Bitcoin cycle bottom

Bitcoin supply held by long-term holders has reached a record high, prompting expectations that this market cycle’s bottom could form sooner than expected. Swan Bitcoin CEO Cory Klippsten cited on-chain data showing long-term holder balances at an all-time high. Others see the bottom later, with Rabbit Mining Pool founder Zhang Zhuoer projecting an October-to-December 2026 low near $42,000 to $44,000. Grayscale and Galaxy Digital flagged uncertainty over the U.S. Clarity Act.