Recent on-chain data from Glassnode indicates Bitcoin sellers are becoming exhausted, yet the trend has not reached the extreme levels seen in previous bear-market bottoms. Glassnode’s Seller Exhaustion Constant over a 30-day window shows sellers are increasingly tired, but the indicator has not confirmed a historical bottoming signal. The analytics firm says it is monitoring whether selling activity stalls further, while noting that demand remains weak.
Separate analysis from Doctor Profit highlights a notable crossover in Bitcoin’s Realized Price by Age: the 3–6 month holder cost basis has fallen below the 1–2 year holder average. This pattern appeared during bottom phases in 2015, 2019 and 2022. According to Doctor Profit, Bitcoin is now trading below both groups’ average cost basis, suggesting newer buyers may have sold at losses before coins moved to longer-term holders. However, he cautioned that previous crossovers did not trigger immediate reversals and that Bitcoin historically moved sideways for months while forming a base. Doctor Profit said he has been accumulating Bitcoin between $54,000 and $64,000 for several weeks and described the current phase as a possible bear-market bottom and accumulation period.
Miner behavior adds another layer of selling pressure data. Analyst Darkfost noted that miners held 1.44 million BTC in November 2019, compared with 1.19 million currently. The decline reflects lower rewards following Bitcoin halvings, greater market liquidity making it easier to sell, and some large mining pools redirecting computing power toward AI as Bitcoin mining becomes less profitable. Darkfost specifically pointed to recent miner selling activity involving Mara and said miners’ selling power is diminishing as their reserves shrink.
Overall, Bitcoin is showing historical bottom indicators, but analysts say selling pressure has not fully faded. Traders are watching for any stall in selling and shifts in order book dynamics that could signal a change in market sentiment.
