Bitcoin is experiencing increased selling pressure, with the dynamics of sell-offs transitioning from newer coins to more established ones, as this gradual capitulation unfolds against a backdrop of market weakness.
Data insights from a prominent on-chain metrics provider reveal that Bitcoin (BTC) is facing downward pressure, causing a shift in sell-off patterns from newer coins to older cohorts, as this capitulation process coincides with a broader decline in market conditions.
Year-to-date, BTC has fallen over 17%, with a significant 9% drop occurring in just the past week. Economic uncertainties and tariffs are negatively impacting risk assets, including Bitcoin.
In the midst of this downturn, coins aged between three to six months have seen their share of realized losses rise to more than 19%, a stark increase from approximately 0.8% noted on February 27 before bearish market sentiment took hold.
“In comparison to previous major sell-offs in Bitcoin this year, losses are now affecting older coins more prominently — particularly in the 3m–6m segment, where their share of total losses has surged from 0.8% to 19.4% since February 27,” the data provider noted on social media.
A chart they provided illustrates a sharp rise in the BTC realized loss by age metric during April.
As February closed, younger coins, particularly those aged one week to one month and one month to three months, were responsible for over 50% of the total realized losses.
However, while the 3m–6m cohort initially contributed less than 1% to total losses, this trend has dramatically reversed, with this group now representing a significantly larger portion of realized losses.
This change has intensified as BTC’s price fell from over $86,000 in late February. A retest of support below $75,000 in March prompted quicker capitulation among the 3m–6m holders. By March 11, the share of losses attributed to the 1m–3m group had decreased to about 16.3%, while the 3m–6m group’s share increased to 4.9%.
Despite total BTC losses dipping to around $41 million, the on-chain data indicates that older cohorts are undergoing a “gradual broadening of capitulation.” By early April, both the 1w–1m and 3m–6m cohorts were each contributing about 19% of realized losses.
“This signifies a structural change in loss realization, suggesting ongoing pressure on medium-term holders,” analysts remarked.
Bitcoin has seen a 2% decline in the last 24 hours.