Bitcoin investors who entered the market during the 2025 rally are selling at the fastest pace seen from the group this year, even as BTC recovers from its September lows.
Bitcoin (BTC) was trading at $84,850.86 at the latest CoinGecko data, after moving between $83,898.29 and $85,591.90 over the past 24 hours. The cryptocurrency is down 0.8% on the day but remains 7.7% higher over the past 30 days.
The recovery has brought BTC back toward the acquisition prices of investors who bought over the past two years, but a large portion of those holdings remain underwater.
Glassnode said Friday that Bitcoin purchased one to two years ago carries an average cost basis of roughly $97,000. Coins bought six to 12 months ago have an average cost basis closer to $89,000.
At the current price, BTC remains about 4.7% below the $89,000 level and roughly 12.5% below the $97,000 cost basis.
2025 Bitcoin buyers increase selling
Glassnode’s data shows that holders who accumulated Bitcoin during the 2025 rally have sharply increased the amount of BTC they are selling each day.
The firm’s chart tracks the cost basis of the two holder groups alongside the amount of Bitcoin moved to other entities on a seven-day average.
Selling from the one-to-two-year cohort has risen noticeably into October, with Glassnode saying investors who bought the rally are now selling the most coins per day they have sold at any point this year.
The pattern is different among investors who entered after Bitcoin began falling. Glassnode said buyers who accumulated during the decline have not shown a similar increase in selling.
Bitcoin’s price has meanwhile climbed substantially from its September low near $76,000. The rebound accelerated in the second half of the month, briefly carrying BTC above $86,000 before the price settled back into the mid-$84,000 range.
BTC remains below both holder cost bases
The six-to-12-month group is now the closest to returning to its average purchase price.
Its $89,000 cost basis sits about $4,150 above Bitcoin’s current price. BTC has traded as high as $85,591 during the latest 24-hour period but has yet to break the upper-$80,000 range.
The one-to-two-year group remains further underwater, with its average purchase price around $97,000.
Glassnode’s chart also shows that Bitcoin has previously approached the cost basis of these older buyers before being rejected. Those failed recoveries were followed by renewed selling as holders reduced positions below their original acquisition prices.
Bitcoin currently has a market capitalization of about $1.705 trillion, while 24-hour trading volume stands at roughly $24.12 billion. Perpetual futures open interest is around $67.81 billion.
BTC is up 1.1% over seven days and 4.3% over the past month on the CoinGecko chart, but the latest Glassnode data shows that the recovery is also bringing supply from investors who bought Bitcoin at considerably higher prices back into the market.
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