Bitcoin Investors Sell at Record Pace as Price Nears Break-Even

Bitcoin investors who purchased during last year's rally are now selling their coins at a record pace, according to on-chain analytics firm Glassnode. The firm found that holders who bought in one to two years ago have an average cost basis of around $97,000, while those who bought in six to 12 months ago have a cost basis of approximately $89,000. Both groups are currently underwater, with their average cost basis below the current price of around $84,673. This means that these investors are selling their coins at a loss, as they are not yet at break-even.

The selling pressure is concentrated among the 2025-rally buyers, who are now moving the most coins per day of any point this year. In contrast, holders who purchased during the decline are not selling their coins, which is narrowing the supply and concentrating it in one group rather than across the holder base.

Analyst Ted Pillows has set a key level for Bitcoin's near-term price action, stating that a weekly close above $87,500 is required for a strong rally. If this level is not reached, there is a decent chance of a correction below $80,000. This level is below the cost-basis figures cited by Glassnode, which suggests that investors may be waiting for the price to climb back to their average cost before selling.