Bitcoin’s (BTC) year-long decline has left several holders with unrealized losses, including long-term holders (LTH) who have held the coin for at least six months.

However, CryptoSlate’s analysis of Glassnode data showed that this group of investors remains bullish on the flagship digital asset.

According to Glassnode data, the cohort holds a record-high amount of Bitcoin –13.8 million. The group is also considered the smart money of the Bitcoin ecosystem because they usually accumulate during bear markets and sell during bull runs.

For context, long-term holders added around 1 million BTC to their holdings in November. This was because LUNA’s crash in May triggered a significant dip in price that allowed traders to accumulate the asset. Those that bought Bitcoin at the time are now part of this cohort, as they have held for the last six months.

Long-term holders at ATH despite Nov. capitulation

Meanwhile, the recent FTX collapse led to a minor capitulation among LTH, causing their supply to drop slightly in early November. Despite this, the Glassnode data chart below shows that long-term holders’ supply is still at an all-time high.

For many, that’s bullish because investors are not capitulating. Ark Investment shares this view, as it said the data point indicates the cohort’s “long-term focus and high conviction, despite recent events.”

6 million BTCs held at a loss by long-term holders

Glassnode data, as analyzed by…