Bitcoin Position Unwind Intensifies: 2025 Cost-Basis Cohort Shrinks 41.5% as On-Chain Turnover Approaches Historic Bear-Market Extremes

Bitcoin's 2025-vintage cost basis has collapsed by 41.5% as forced liquidation dominates supply dynamics, pushing turnover metrics near historical capitulation thresholds. With Fear at 29 and neutral stablecoin flows, institutional frameworks favor defensive positioning amid regulatory headwinds and record-high long-term UST yields.