At $96,000, almost 99% of BTC investors who accumulated in the past 155 days have losses.

As BTC price dips below $100,000, Glassnode would like to share some depressing statistics. If you’ve been piling up your satellites any time since late spring, it’s safe to say your honeymoon is officially on pause.

Bitcoin is trading at $96,000, and a whopping 99% of investors who bought it in the past 155 days have lost money.

BTC price continues to fall, but narrative is winning

Selling pressure on the BTC price for nearly two weeks has left traders and Twitter prognosticators alike searching for signs of life among the rubble. Bloomberg host Joe Weisenthal lamented:

“Bitcoin has been declining for 12 consecutive days.”

Bitcoin’s notorious correlation with the Nasdaq hasn’t helped matters, even if BTC’s price action has felt more like a bearish ballet than a “chop.” If you ask Wintermute market makers, they point to the technology slide as the anchor of the digital gold story. Even when these indexes fall, Bitcoin still stubbornly follows suit.

Still, if you look closely, you’ll definitely find a reason to smile. This week, Bitcoin made a cameo appearance in a New Yorker cartoon, showing that cultural currencies can top price charts.

So if you buy the top, you can also buy the couscous. As Alex Gladstein of the Human Rights Foundation pointed out in a reply to Weisenthal, BTC prices may be down, but:

“Today’s New Yorker cartoon is about Bitcoin replacing fiat currency, so we’re fine.”

Educational institutions are taking notice (and accumulating more)

Still, developments on Wall Street tell a more interesting story. Bitwise CEO Hunter Horsley revealed that the “bank with $1 trillion in assets under management” invited his team to brief advisors on Bitcoin, turning what many saw as a “slowdown” into an acceleration. And he’s not alone.

Harvard’s ETF Buying (Link Harvard article) shows that major universities and sovereign wealth funds are sneaking into spot Bitcoin through regulated means, with Harvard’s Bitcoin IBIT exposure at the top of the list.

Other financial institutions are also joining in the parade, undeterred by relentless capital outflows and falling prices. As confirmed in recent filings and crypto market reports, the UAE sovereign wealth fund (Al Warda) has also increased its Bitcoin ETF exposure by 230% since June 2025 and now holds 7.9 million shares worth $517 million.

Chop Solidification: What’s Behind the Selling Pressure?

If you’re wondering why the rally is faltering and the bears continue to feast, on-chain analyst Checkmate breaks it down for you. Because the pressure on the seller side is coming directly from spot Bitcoin holders.

“This has been true throughout the cycle so far. It took a while for people to realize it, but the sell-side by existing holders is the main reason for this crazy long period of stock consolidation. People want to blame options and manipulation, but that’s just the HODLers who left.”

One thing is for sure: in a market like this, the story is as much an asset as the coin itself. While BTC prices are falling, comic appearances and institutional briefings serve as a reminder that volatility and visibility often go hand in hand. And sometimes bear markets are just comic setup for the next punchline.