In periods of heightened volatility, Glassnode’s Supply by Investor Behavior metric gives a deeper pulse of the market. For Bitcoin, we are seeing:

🔸Supply held by First Buyers has risen +1.0% (4.88M → 4.93M BTC) over the past 5 days - showing fresh demand continues to enter.

🔸Conviction Buyers rose +10.1% (933K → 1.03M BTC) over 5 days. Yet compared to April’s surge, engagement looks muted - suggesting this dip is too shallow for strategic buying, or investors remain hesitant.

🔸Loss Sellers spiked +37.8% (63K → 87K BTC) over the past 5 days. Still, compared to earlier this year, realized losses remain contained - suggesting few investors are panicking.

🔸Profit Takers jumped +5.4% (1.73M → 1.83M BTC), the largest spike YTD. For some investors, this clearly has been a time to lock in gains and take chips off the table.

Learn more about Supply by Investor Behavior metric here.