In this week's BI Report we highlighted a broad-based sell pressure. Access Full Report here: https://account.21stcapital.com/blog/holding-the-line-bitcoin-in-a-transition-phase Multi-Cycle Sell Pressure: A Broad Capitulation Across Cost Basis Cohorts The data reveals that approximately 40% of the total sell pressure originated from holders who acquired their coins during the December 2024 rally, specifically in the $94k–$100k range. These top buyers are now exiting their positions, likely capitulating after months of unrealized losses or taking profits on relief bounces. Meanwhile, nearly 30% of the sell pressure came from investors who accumulated between $75k and $90k, a cohort that stepped in during the Q1-Q2 2025 market correction and appears to be cutting exposure as price struggles to regain upward momentum. Interestingly, another 30% of selling activity is attributed to long-term holders with a cost basis below $70k, suggesting that even seasoned investors, who held their coins for more than a year—are engaging in profit realization. This broad-based distribution of sell pressure across cost basis cohorts reflects a market digesting exit activity from holders across the board. The resulting overhang has contributed to Bitcoin's price contracting back toward the $104k level over the past week—a dynamic characteristic of a multi-cycle unwind, often seen when conviction weakens and macro or liquidity headwinds suppress upside momentum.