Glassnode data shows that Bitcoin short-term holders’ selling pressure has increased, and some high-level buyers are already in a loss:
- Buyers who purchased at $97,000 1-2 years ago are at a loss
- Buyers who purchased at $89,000 6-12 months ago are at a loss

Investors who entered during the 2025 uptrend are selling the most per day; investors who bought the dip during the downtrend have not exited in large numbers.

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