Glassnode has found the first real sign of a floor under Bitcoin. It is not coming from the funds everyone watches. Its latest on-chain report shows long-term holders and a wide spread of wallets turning from sellers into buyers, right around $60,000.

Small holders and mid-size whales are leading it. The patient sort. The ones who show up near a bottom, not a top.

Now the part that keeps it honest. They are buying into deep red. More Bitcoin is under water than in profit now. 10.83 million coins sit at a loss against 9.22 million in the green. One of the worst readings of the whole cycle.

So why is that a good sign? Because this is how floors get built. The weak hands give up and sell cheap. The patient hands take the coins off them. The coin moves from the people who panic to the people who wait. Glassnode also sees big buyers lining up orders below the price on Coinbase, and the crowd that trades on the swings now leaning the way that calms them, not the way that feeds them.

Here is what does not fit. The Wall Street funds are still bleeding. June was their worst month for money leaving since the funds opened, and it has not stopped. Patient money buying on the chain. Nervous money selling the funds. Same coin, same price, pulling opposite ways.

None of this is a green light. It is the first time in weeks the picture has two real sides. On-chain buying on its own does not make a bottom. The fund selling has to dry up too.

And $60,000 is the line. Hold it and the patient buyers win the argument. Lose it and the pile of borrowed bets stacked on top gets washed out.

The trade that drained crypto all year finally wobbled. Michael Burry, the man from The Big Short, has placed fresh bets against the AI and chip stocks. The big chip-stock index fell 6.3% in a day.

CoreWeave and Nebius, the two firms that rent out computing power, fell hard the same week. The word is that Meta wants to rent out its own spare machines and undercut them. Even the European Central Bank has warned that the market's love affair with AI is now a danger to the whole system.

Why should a Bitcoin holder care? Because people spent the first half of 2026 selling coins to pile into AI. The quickest way for that money to come home is for the AI trade to trip. It just took its first real stumble. Worth watching. Not yet worth cheering.

Michael Saylor's Strategy just did the one thing it always swore it never would. It has cleared itself to sell up to $1.25 billion of its Bitcoin to cover the dividends it owes on its preferred shares. The proud "never sell" vow is gone.

It also raised the payout on its STRC preferred stock to 12%, to keep buyers keen.

To be fair, this is about paying the bills. The company still sits on a mountain of Bitcoin, and says it will keep a year of dividend money to hand. Its shares jumped about 12% on the news.

Still. The most relentless Bitcoin buyer in the market has just given itself leave to become a seller. People have been circling that pressure valve for weeks. Strategy has now written it into the rules.