Analyst: Bitcoin coins bought in 2025 down 41.5% from peak, may be the largest supply side in the current market

On-chain analyst Murphy stated that Bitcoin coins bought in 2025 and held to date are overall at a loss; therefore, excluding wallet transfers, the reduction in this portion of coins mostly implies selling at a loss. Data shows that there are currently still 4.77 million Bitcoin coins from 2025, down 41.5% from the peak in December last year. The downward trend was steeper before February, and while it slowed after February, it still maintains a certain slope, potentially constituting the largest supply side in the current market.