According to Glassnode data, the average cost for 1-2 year Bitcoin holders is about $97000, and the average cost for 6-12 month holders is about $89000. Both groups are currently in a floating loss state. The daily average turnover of investors who bought at high levels during the rising phase in 2025 is at a high level this year, while investors who bought during the subsequent falling phase have less selling pressure, and the cost basis affects the selling behavior of different groups.

CryptoQuant data shows that the size of the stablecoin market has decreased by $14 billion from its May high.

According to Glassnode data, investors who are currently buying BTC at high levels are selling, with a cost of approximately $97000 for buyers 1-2 years ago and $89000 for buyers 6-12 months ago. Both types of investors are in a floating loss state. Investors who bought BTC during the 2025 uptrend had the highest daily selling volume, while those who bought during the market downturn did not exhibit similar selling behavior.

According to Glassnode data, investors who bought at high levels in the Bitcoin market are selling, with those who bought at $97000 1 to 2 years ago and those who bought at $89000 6 to 12 months ago losing money. Investors who entered the market during the rising period in 2025 sell the most Bitcoin per day, while those who buy at the bottom during the market downturn do not sell on a large scale.

BTC investors who bought at high levels in the 2025 market are selling, while investors who bought at $97000 1 to 2 years ago and $89000 6 to 12 months ago are currently in a loss making state. In 2025, buyers in the market will sell the most daily quantities, while during the decline period, buyers will not sell. （glassnode）