Veteran Bitcoin holders recorded their largest loss of the cycle on July 14, with $297.3 million in the red. This is the second largest loss event since September 2025, according to CryptoQuant data.
On July 14, veteran Bitcoin investors — those who have been accumulating cryptocurrencies for the longest time — suffered an aggregate loss of $297.3 million, according to CryptoQuant analyst Moreno DV. This is the largest negative figure of the current cycle and the second highest since September 2025.
To put it in context, the only larger event occurred on January 20, when losses reached $334.3 million with Bitcoin trading near $88,300. That episode preceded one of the most pronounced capitulation phases of the bear market that began earlier this year.
Who are the veteran investors and why do they matter?
The group referred to by Moreno DV consists of addresses that have held their positions for more than 155 days and have high balances. They are considered the backbone of the market because they have historically shown less propensity to sell in panic.
When this type of investor begins to suffer losses of this magnitude, the signal is concerning: it suggests that the decline is affecting a larger part of Bitcoin's ownership structure and even forces the most experienced players to reevaluate their exposure.
However, they are not the only ones in the red. New investors and those with balances over $10,000 have also suffered significant declines. In fact, according to the analyst, most of the selling pressure continues to come from newer and more reactive capital, not from veterans.
Is the market bottom approaching or is there a new capitulation?
Although the tension is deep, some analysts believe that these types of losses can become constructive if the supply is absorbed by stronger investors. This could reveal a market bottom, but it is not automatic.
Moreno DV points out three necessary conditions for a bottom to be confirmed: that losses for veteran investors decrease, that losses among these investors contract, and that the price absorbs the remaining supply without establishing new lows.
If these peaks of losses begin to cluster while BTC loses its current range, the signal would point to another phase of capitulation, rather than its conclusion. In other words, the market may not have hit bottom yet.
The Price of Bitcoin in Focus
Bitcoin opens the week lower, trading at $64,678. The 70-period moving average is above the candles of the last thirty days, the RSI is rising at 52 points, and the MACD lines are heading to cross above the zero level.
Medium and long-term support remains at $57,740. Meanwhile, the Ei indicators are mixed, leaving the market in a zone of technical uncertainty.
For retail investors, the practical lesson is clear: if the major veterans are suffering, the risk of a new decline remains latent. It is advisable to watch whether the price manages to stay above $60,000 or if, on the contrary, it approaches the support of $57,740. A break below that level could trigger a new wave of selling.
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