Glassnode: Bitcoin Short-Term Holders Selling at a Loss

This is a cohort story, not a price story: the pressure is concentrated among buyers who entered near recent highs, while earlier, lower-basis holders are sitting still. That split matters because it suggests the selling is sentiment-driven rather than broad capitulation, and it puts the 2025-vintage buyers in the position of setting the market's near-term supply tone. Whether that daily selling pace persists or fades as those positions age is the open question.