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.
$BTC investors that bought the top are currently selling.
Two cohorts sit underwater: buyers from 1–2 years ago at $97k, and from 6–12 months ago at $89k.
Those who bought the 2025 rally are selling the most coins per day this year. Those who bought the decline are not. pic.twitter.com/cHAQoaqreT
— glassnode (@glassnode) October 3, 2026
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.
BTC Retreats After Failing to Hold $87K
Bitcoin’s recent price action has added pressure to investors who bought at higher levels. The cryptocurrency extended its advance on October 2, briefly reaching approximately $87,200. However, the move failed to hold and Bitcoin pulled back toward the $84,300–$85,300 area.
As of today, BTC is trading near $84,600–$84,800, representing an approximately 2% decline over the previous 24 hours. The retreat has kept Bitcoin below the reported average cost bases of both identified Glassnode cohorts.
If this divergence continues, it may influence Bitcoin’s near-term supply dynamics. Persistent selling from higher-cost investors could add pressure if market demand fails to absorb the available coins.