Fidelity Sees Strong Conviction Among Long-Term Bitcoin Holders

Fidelity's analysis of Bitcoin's long-term holders suggests that investor conviction remains strong despite the ongoing bear market. The company noted that nearly 15 million BTC have remained untouched for at least 155 days, a level historically associated with major market cycle turning points.

This supply of long-term holders reached a record high on July 5, 2026, even as Bitcoin continued trading below its previous peak. Despite this, most investors have chosen not to sell, reinforcing the view that many remain committed to Bitcoin's long-term outlook.

Fidelity stopped short of declaring that Bitcoin has reached its ultimate bear market bottom but said the data increasingly resembles conditions seen near previous cycle lows. Benjamin Cowen, a member of BeInCrypto's Market Intelligence experts council, also expects Bitcoin to establish a market bottom during the fourth quarter.