Bitcoin Holders Diverge as Price Falls: Selling vs. Collateralized Borrowing

As Bitcoin dropped from over $100,000 to under $90,000 in late 2025, holders split into two distinct groups. Glassnode data shows heavy distribution with net position changes exceeding -60,000 BTC in late November. Meanwhile, Nexo platform data reveals Bitcoin maintained 53-57% of total collateral throughout 2025, indicating some holders prefer borrowing against their assets rather than selling.