[Analysis: 2025 BTC High-Position Holdings Have Decreased by 41.5%, Market's Largest Supply Pressure May Be Easing] BlockBeats News, August 14: On-chain analyst Murphy stated that all BTC purchased in 2025 and held until now are essentially in a loss-making state. Therefore, apart from wallet migrations, the significant reduction in 2025 holdings likely indicates that holders have sold at a loss. Data shows that as of now, the remaining BTC holdings purchased in 2025 are approximately 4.77 million, a 41.5% decrease from the peak in December last year. From the downward trend, this group has experienced two phases: a rapid reduction in holdings before February this year, followed by a noticeable slowdown in the rate of decline after February, though it still maintains a certain slope. Murphy believes that the 2025 holdings may represent the largest potential supply side in the current market. In contrast, BTC holdings formed in 2024, 2023, and 2022, which still have unrealized gains, have largely completed the release of high-position trapped holdings, with the slope of the decline curve gradually flattening. This suggests that selling pressure from long-term holders is weakening. Historical data shows that during the bottom phases of the last two bear markets, high-position holdings experienced significant reductions: during the 2022 bear market bottom, BTC holdings purchased at 2021 highs decreased by approximately 51%; during the 2018 bear market bottom, BTC holdings purchased at 2017 highs decreased by about 62%. Referring to historical cycles, Murphy believes that during the bottom phase of this bear market, the reduction in 2025 high-position holdings may range between 50%-60%. The current 41.5% reduction indicates there is still some room for further release. However, this assessment does not yet account for BTC purchased by institutions such as spot ETFs and MicroStrategy, as these holdings are mostly in long-term locked states, which may reduce actual market supply pressure. [Original Link]