Glassnode: The average Bitcoin holding cost for 1–2 year holders is $97,000, while for 6–12 month holders it is $89,000; currently, both groups are still in an overall unrealized loss.

During the upswing phase in 2025, top buyers at high levels have been more eager to sell, with daily net outflows at an annual high; in the downswing phase, buy-side selling pressure is clearly much smaller. The cost basis is significantly influencing the selling behavior of different holder groups.

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