Bitcoin Buyer Pressure Shifts to Three-to-Six-Month Holders

Bitcoin’s Net Unrealized Profit/Loss, or NUPL, offers a gauge of whether different investor cohorts are holding paper gains or losses — and how much selling pressure they may face. CryptoQuant’s breakdown by holding period shows that recent dip buyers are nearing break-even, reducing stress among the newest capital entering the market and shifting attention to an older cohort.

CryptoQuant said buyers holding Bitcoin for zero to three months have an average acquisition cost of about $65,300 and are now roughly 2% away from break-even. By contrast, investors in the three-to-six-month cohort paid an average of about $72,989 and remain about 12.3% underwater, indicating that unrealized losses and potential supply pressure have migrated to buyers who entered earlier.