Bitcoin short-term holders have sent nearly 80,000 BTC to exchanges, worth around $7 billion, as the BTC dropped below $90,000. This is the largest loss-making sell-off of 2025, according to on-chain data from CryptoQuant.
The sell-off happened on Feb. 25, when BTC price fell to $86,000, its lowest level in 15 weeks. Analysts believe fear and uncertainty triggered panic selling among traders who had recently entered the market.
Short-Term Holders Sell Nearly 80,000 BTC at a Loss
Short-term holders, or STHs, are investors who have held Bitcoin for 155 days or less. These investors moved 79,300 BTC to exchange wallets in a 24-hour period, likely selling their holdings at a loss.
Data from CryptoQuant shows that the number of Bitcoin transactions made at a loss within 24 hours was higher than any other period this year. While it is unclear if all BTC sent to exchanges was sold, the spike in exchange inflows suggests growing panic among newer investors.
“Yesterday’s price drop likely triggered panic selling,” said CryptoQuant contributor Avocado_onchain. He added that if BTC’s price drops further, more short-term holders could sell in fear.
On-Chain Data Shows Signs of Market Weakness
CryptoQuant also analyzed the Spent Output Profit Ratio (SOPR), which tracks whether Bitcoin is being sold at a profit or loss.
On Feb. 25, the STH-SOPR fell to 0.964, its lowest level since August 2024, when the Japanese yen trade crisis impacted the market. A SOPR below 1 indicates that more investors are selling Bitcoin at a loss than at a profit.
STH vs. LTH SOPR. Source: CryptoQuantDespite the panic among short-term holders, long-term Bitcoin holders (LTHs) appear to be holding their positions. These investors, who have held Bitcoin for a longer period, have not moved their BTC to exchanges. This suggests that they remain confident in Bitcoin’s future price growth.
Analysts Identify Bitcoin Key Support Level at $90,000
Crypto market analyst James Check, the creator of on-chain data platform Checkonchain, believes that $90,000 is a crucial support level for Bitcoin.
It’s kind of interesting that we’ve got this support level, which should hold, at around $90,000, but below it, there’s just not much.
he said in the latest episode of the Rough Consensus podcast.
Check noted that only a small amount of Bitcoin has been traded between recent highs and the current local low of $86,000. This suggests that if Bitcoin falls below $90,000, it could trigger more selling pressure, as there is not enough market support in the lower price range.
The sudden drop in Bitcoin’s price has sparked fear among traders. However, some industry experts are urging investors to take a more level-headed approach.
Digital asset lawyer Joe Carlasare pointed out that the market sentiment has shifted dramatically.
Joe Carlasare believes that the market is not bearish, Bitcoin is in “Buy Zone”. Source: XCarlasare believes that Bitcoin moves in extremes, with both sharp increases and deep corrections. While Bitcoin could drop further, he argues that this price range presents a buying opportunity rather than a reason to panic.
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