Bitcoin Selloff Reaches New Entrants, Long-Term Holders Remain in Profit

Bitcoin has retreated to $85,800, with new investors and long-term holders driving the selloff. Unrealized losses for entities that have accumulated over 1,000 BTC since May have reached levels not seen since 2023. However, old whales remain in profit, and new whales may not sell immediately. The profit/loss margin for wallets that bought Bitcoin over the past three months has hit -25%, which has historically served as a marker of a bull run reversal.