"After a period of fluctuating activity and uncertainty in the cryptocurrency market, groups of Bitcoin holders, often referred to as 'Bitcoin cohorts,' have begun to shift their strategy once more, returning to a position of net selling. This change occurs as the overall market shows signs of continued consolidation, indicating a phase where prices are stabilizing, but the direction remains unclear. As these cohorts choose to liquidate some of their holdings, it reflects a cautious sentiment among investors, highlighting their response to the prevailing market conditions and the search for clarity in an otherwise volatile environment."
source: https://www.coindesk.com/markets/2025/09/15/bitcoin-cohorts-return-to-net-selling-as-market-continues-to-consolidate