Data: BTC purchased in 2025 is still at a loss, with related chips down 41.5% from the peak

On-chain data analyst Murphy pointed out that BTC purchased in 2025 has been in a state of unrealized loss until now. Currently, there are about 4.77 million coins from 2025, a decrease of 41.5% from the peak in December last year. The decline slope shows two phases: a rapid decline before February and a slowdown after February, but it still maintains a certain slope. This group is currently the largest supply side in the market.

Comparing the data from 2024, 2023, and 2022, it is found that the old coins with unrealized gains have basically passed the steep decline phase; the longer the time, the smaller the slope, and the curve has almost flattened after February. Even if the price drops further, the changes in the number of these coins are not significant, and those that should have changed hands have already done so. In terms of historical data, during the bear bottom in 2022, the high-position coins from 2021 decreased by 51%, and during the bear bottom in 2018, the high-position coins from 2017 decreased by 62%.

Murphy believes that if we simply refer to history, the maximum decline of the 2025 coins in this bear bottom may be between 50%-60% (currently at 41%), and this does not yet account for the BTC purchased by institutions such as ETFs and MicroStrategy in 2025, most of which are in a locked state.