According to @glassnode, Bitcoin BTC is trading below the $113.6k and $115.6k cost basis for the 1M and 3M holder cohorts, leaving short-term holders underwater (source: @glassnode, Aug 28, 2025). According to @glassnode, rallies may face resistance near $113.6k-$115.6k as these investors look to exit at breakeven (source: @glassnode, Aug 28, 2025).