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Bitcoin’s ongoing sell-off is having a significant impact on mid-term holders, with the pressure shifting from newer coins to older cohorts. According to Glassnode, an on-chain metrics and data insights platform, this gradual capitulation has been taking place amid broader market weakness and economic uncertainty.
Year-to-date, Bitcoin has dropped more than 17%, including a 9% decline in just the past week. Economic factors such as tariffs and global uncertainty have weighed heavily on risk assets like Bitcoin.
Older Cohorts Take the Brunt of Losses
While younger coins (those held for less than 3 months) initially accounted for the majority of realized losses, the situation has changed. Glassnode notes that losses are now spreading to older cohorts, particularly those holding Bitcoin for 3 to 6 months.
As of February 27, losses in this cohort made up only 0.8% of total realized losses. However, by early April, that number had jumped to 19%, signaling a significant shift in market dynamics. A chart shared by Glassnode shows a sharp spike in BTC realized losses by age, with the 3m–6m cohort now accounting for a much larger share of losses.
This shift became more pronounced as Bitcoin’s price fell below $75,000 in March, after previously testing the $86,000 mark in late February. The shift intensified as more mid-term holders began to capitulate.
Ongoing Capitulation Pressure
Despite total BTC losses standing at about $41 million, Glassnode’s data indicates a “gradual broadening of capitulation” among older Bitcoin holders. The 1w–1m and 3m–6m cohorts are each now responsible for about 19% of the total realized losses.
This marks a structural shift in loss realization, pointing to sustained pressure on mid-term holders (those holding Bitcoin for 3 to 6 months). As of early April, Bitcoin has dropped about 2% in the past 24 hours, further indicating continued selling pressure on the asset.
What’s Ahead for Bitcoin?
The shift in sell-off dynamics highlights the ongoing challenges Bitcoin is facing, particularly as the market navigates economic headwinds. With mid-term holders now under increasing pressure, it’s unclear when or where the next support levels will form, but the trend suggests that older coins are feeling the strain of the current bear market.
