Glassnode said investors who bought Bitcoin at higher price levels are now selling, pointing to distribution from cohorts that are currently sitting on unrealized losses. According to the on-chain analytics firm, two groups are underwater at present: holders who bought 1-2 years ago with a cost basis of about $97,000, and those who bought 6-12 months ago with a cost basis of about $89,000. Glassnode also said that investors who accumulated BTC during the 2025 rally have posted the highest average daily selling volume this year. By contrast, buyers who entered during market pullbacks have not shown similar selling behavior so far. The data highlights a split between investors who bought into strength and those who accumulated during corrections.
Glassnode said on Oct. 3 that Bitcoin investors who bought at higher price levels are now selling.
The firm said two cohorts are currently underwater: investors who bought 1-2 years ago with a cost basis of about $97,000, and investors who bought 6-12 months ago with a cost basis of about $89,000.
Glassnode added that investors who bought BTC during the 2025 rally have recorded the highest average daily selling volume this year. Buyers who entered during market pullbacks, by comparison, have not shown similar selling behavior at this stage.
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