Who’s Selling as Bitcoin Rises? Buyers at the Highs and During the Dip Diverge

As Bitcoin’s price approaches the cost basis of investors who bought at higher prices, Glassnode reports that those who bought during the 2025 rally are leading the selling, while dip buyers are not showing the same behavior.

An assessment by on-chain analytics platform Glassnode shows that investors are not responding uniformly to the recovery in Bitcoin. Those who bought during last year’s rally are leading the selling, while those who entered the market as prices fell are not showing a similar level of activity.

Why are $89,000 and $97,000 important?

According to the data, the average cost basis for the group that bought Bitcoin one to two years ago is about $97,000. For those who bought six to 12 months ago, the level is about $89,000; the chart shows a more precise figure of $89,100. Both groups were below their average cost basis at the time of the post.

These levels indicate the prices at which the investor groups in question would break even on average. As Bitcoin rises and approaches these thresholds, the selling behavior of investors who have been waiting at a loss is coming back into focus.

Dip buyers aren’t selling the same way

Glassnode says that those who bought during the 2025 rally are leading daily selling volume this year. Those who bought during the downturn, however, are not showing the same selling tendency. As prices recover, a marked difference in behavior is emerging between investors who bought at different times.

The lower section of the chart tracks the seven-day average of the daily amount of BTC transferred to a different person or entity. Glassnode interprets these movements as selling behavior; the metric does not directly measure the total number of sales executed on exchanges.