Glassnode
Bitcoin buyers from 1–2 years ago sit underwater at a $97,000 entry level, while buyers from 6–12 months ago are underwater at $89,000. Those who bought the 2025 rally are selling the most coins per day this year. Buyers of the decline are not.
Why it matters
The split shows that selling is concentrated among investors who entered during the rally, rather than those who bought after prices fell. The two underwater cohorts have different entry levels, but both face the same pressure from holding below their purchase price.
Market impact
Rally buyers are a source of Bitcoin selling pressure. The distinction to watch is whether their daily selling persists while decline buyers continue to hold.
Frequently asked questions
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Which Bitcoin buyer cohorts are underwater?
Buyers from 1–2 years ago sit underwater at a $97,000 entry level, while buyers from 6–12 months ago are underwater at $89,000.
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Which Bitcoin investors are selling the most coins per day?
Investors who bought the 2025 rally are selling the most coins per day this year.
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Are Bitcoin buyers who bought the decline selling at the same pace?
No. The buyers who bought the decline are not showing the same selling pattern as buyers of the 2025 rally.
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What does the difference between the buyer groups show?
Selling is concentrated among rally-era buyers rather than spread equally across investors who bought at different points.
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What is the key market signal to watch?
The key distinction is whether daily selling by rally buyers persists while buyers of the decline continue to hold.
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