Bitcoin Faces Selling Pressure From Underwater Holders

Bitcoin ($BTC) long-term investors who accumulated near previous market highs are increasing their selling activity. They are selling despite the fact that BTC is still trading below their average purchase prices. Glassnode, an on-chain analytics firm, has reported that buyers from the 2025 rally are distributing coins at a high volume. On the other hand, investors who bought the dips around 60’s have largely maintained their positions.

The Glassnode data highlights a divergence between Bitcoin holder cohorts. Higher-cost buyers realizing losses while dip-buyers contribute relatively little to current selling pressure. Holders are expecting a new rally to the six-figure price.

Bitcoin Rally Buyers Face Losses Near $97K Cost Basis

According to Glassnode, 2 major investor groups remain underwater. Bitcoin holders who acquired their coins near the top have an average cost basis of approximately $97,000. The other group are those investors who purchased 6–12 months ago have an average acquisition price near $89,000.

With Bitcoin trading around $84,600–$84,800 at the time of writing, both cohorts are holding unrealized losses.

Glassnode noted that investors who entered during the 2025 rally are currently distributing the largest daily volume of coins observed this year. This suggests that some higher-cost holders are selling to limit or realize losses as the market retreats. This selling pressure has the potential to bring BTC towards the lower support bellow $80,000.