On-chain analytics firm Glassnode has revealed how the different Bitcoin investor cohorts have been reacting to the latest price dip.
First, here is a chart for the supply of the “First Buyers,” who are holders who have bought the cryptocurrency for the first time:
As is visible in the above graph, the Bitcoin First Buyers have seen an increase from 4.88 million BTC to 4.93 million BTC during the past five days. This suggests that some fresh demand has come into the cryptocurrency alongside the dip. That said, these inflows aren’t anything too massive, reflecting just a 1% rise in the cohort’s supply.
A group of investors that have seen a more substantial jump in their holdings are the Conviction Buyers, reflecting the part of the market that tends to step in during price drawdowns to buy. These holders have lived up to their name in the latest decline as well, raising their supply by 10.1% from 0.93 million BTC to 1.03 million BTC.
It’s also apparent in the chart, however, that the accumulation level is still muted compared to the surge in the Conviction Buyers’ supply back in April. As Glassnode explains, the trend suggests “this dip is too shallow for strategic buying, or investors remain hesitant.”
The behavioral cohort that tracks this selling is the Loss Sellers group. Below is a chart that displays how the supply of these investors has changed recently.
“Loss Sellers spiked +37.8% (63K → 87K $BTC) over the past 5 days,” notes the analytics firm. “Still, compared to earlier this year, realized losses remain contained – suggesting few investors are panicking.”
Interestingly, the dominant sellers during this plunge have actually been the Profit Takers. Their supply has gone up by 5.4%, which is the largest spike in 2025 so far. Thus, it would appear that some holders have decided to exit from the market with their gains.
Bitcoin has seen its decline strengthen during the past day as the cryptocurrency’s value has dropped to $113,100.
