The recent dip in Bitcoin's price, falling from over $100,000 to under $90,000 in late 2025, has unveiled a stark divergence in how its holders react to market downturns. While some succumb to selling pressure, others are demonstrating a sophisticated financial strategy by leveraging their holdings rather than liquidating them, mirroring traditional wealth management tactics.
The Sellers: Capitulation and Heavy Distribution
On-chain analytics from Glassnode's Hodler Net Position Change paint a clear picture of significant selling. Throughout 2025, especially intensifying in late November, long-term holders have been actively distributing their Bitcoin, with net position changes plummeting beyond -60,000 BTC. This indicates one of the heaviest distribution periods in recent memory. This behavior is typical during price declines, as holders who bought near market tops or those in urgent need of liquidity opt to exit their positions, contributing to sustained selling pressure.
The Borrowers: Strategic Leverage and Conviction
In contrast to the widespread selling, data from lending platforms like Nexo and CryptoQuant reveals a different narrative. Despite the market volatility, Bitcoin has consistently maintained a stable 53-57% share of total collateral on these platforms throughout 2025. This points to a sophisticated subset of holders who, instead of selling their Bitcoin for cash, are using it as collateral to borrow stablecoins or fiat currency. This strategy allows them to access liquidity without triggering capital gains taxes, maintaining their long-term position for potential future appreciation.
The Strategic Split: Implications for Bitcoin's Future
This significant divergence highlights more than just varying risk tolerances; it underscores different levels of financial sophistication and long-term conviction among Bitcoin holders. Those who borrow against their BTC are effectively treating it as a store of value to leverage, much like wealthy individuals use home equity or margin loans in traditional finance. This creates a fascinating dynamic: while heavy distribution from some holders generates macro selling pressure, the refusal to sell by this "unshakeable" class, opting for leverage instead, removes supply from circulation. This structural support could potentially set the stage for a supply shock if Bitcoin's price recovers, suggesting that access to lending platforms is fostering a new breed of resilient holders prepared to weather market volatility through strategic leverage.
