At $96k, nearly 99% of BTC investors accumulating in past 155 days are holding at a loss

Because the BTC value tumbles under $100,000, Glassnode want to share a miserable stat. When you’ve been stacking sats anytime since late spring, it’s truthful to say the honeymoon is formally on pause.

With Bitcoin buying and selling at $96,000, a whopping 99% of buyers who purchased prior to now 155 days are within the pink.

BTC value continues to slip however narrative is profitable the day

Practically two weeks of promoting stress on the BTC value have left merchants and Twitter prophets alike choosing via the particles for indicators of life. As Bloomberg host Joe Weisenthal bemoaned:

“Bitcoin has been down for 12 straight days.”

Even when the BTC value motion feels much less like a “chop” and extra like bearish ballet, Bitcoin’s notorious correlation with Nasdaq hasn’t helped issues. Simply ask the market makers at Wintermute, who level to tech’s slide as an anchor on the digital gold narrative. When these indices tumble, Bitcoin nonetheless stubbornly follows.

Nonetheless, if you happen to look onerous sufficient, there are all the time causes to smile. This week, Bitcoin made its cameo in a New Yorker cartoon, displaying that cultural forex generally trumps value charts.

So, if you happen to purchased the highest, you should purchase a chuckle as properly. As Human Rights Basis’s Alex Gladstein identified in reply to Weisenthal, the BTC value could also be down, however:

“The New Yorker cartoon at present is about Bitcoin changing fiat so we’re up.”

Establishments are watching (and accumulating extra)

Nonetheless, the flows on Wall Road inform a extra intriguing story. Bitwise CEO Hunter Horsley revealed {that a} “$1 trillion AUM financial institution” invited his staff to temporary advisors on Bitcoin, turning what many see as a “slowdown” into acceleration. And he’s not alone.

Harvard’s ETF shopping for spree [LINK HARVARD ARTICLE] locations its Bitcoin IBIT publicity as its largest place, as main universities and sovereign wealth funds tiptoe into spot Bitcoin through regulated autos.

Different establishments have joined the parade, undeterred by the relentless outflows and sinking costs. The UAE’s sovereign wealth fund (Al Warda) has additionally elevated its Bitcoin ETF publicity by 230% since June 2025 and now holds 7.9 million shares valued at $517 million, as confirmed by current filings and crypto market reviews.

Chopsolidation: What’s behind the promote stress?

When you’re questioning why rallies fizzle and bears maintain feasting, on-chain analyst Checkmate spells it out: the sell-side stress is coming immediately from spot Bitcoin holders.

“This has been the case all the cycle up to now. Took some time for people to recognise it, however sell-side by present holders has been the first motive for these maddeningly lengthy durations of chopsolidation. People wish to blame choices, or manipulation, however its simply exiting HODLers.”

One factor’s for positive, in markets like this, narrative is as a lot an asset because the cash themselves. Whereas the BTC value is down, cartoon appearances and institutional briefings serve to remind us that volatility and visibility usually go hand in hand. And generally, a bear market is only a comedian set-up for the following punchline.