Short-term Bitcoin holders have moved nearly 80,000 BTC to exchanges, largely at a loss. This happened after the BTC/USD rate reached a low not seen in 15 weeks. According to the latest data from the on-chain analysis platform CryptoQuant, this was the biggest loss-making sale wave of 2025.
It appears that investors who hold Bitcoin for a maximum of 155 days have panicked due to the recent price drop. On the morning of February 25, Bitcoin dropped to $86,000, prompting speculators to send 79,300 BTC to exchanges within 24 hours. CryptoQuant analyst, Axel Adler Jr., noted in a post on X:
“This is the biggest Bitcoin sale of 2025.”
The data shows that the losses realized within 24 hours were higher than in any other period this year. While it’s not certain that all the moved coins were actually sold, the trend reflects the uncertainty among less experienced market participants.
Another CryptoQuant analyst, Avocado_onchain, indicated that the recent price drop likely led to panic selling. If the price continues to correct, this behavior could occur again.
The Spent Output Profit Ratio (SOPR), which measures whether coins are moved at a profit or loss, dropped to 0.964 on February 25. This is the lowest level since last August, when the Japanese yen carry trade declined.
“On the other hand, long-term holders remain largely unaffected by the recent drop. They hold onto their coins, thus providing support against further price drops.”
According to on-chain analyst James Check, the tipping point for short-term holders is around the $90,000 mark. If the price reaches this level again, it could restore market sentiment. In the latest episode of the Checkonchain podcast Rough Consensus, just before the price crashed:
“We have a support level around $90,000, but below that, there’s just not much support.”
Check also emphasized that relatively little BTC has changed hands between the old record highs and the current local lows of $86,000.
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