DECRYPT · 2026-10-29 16:32 UTC

4M Bitcoin Bought Above $85K Could Cap Recovery: Glassnode

Glassnode reports 4 million BTC purchased between $85,000-$118,000 by long-term holders are underwater, with potential selling pressure if price recovers to that level. The $84,000-$85,000 band has rejected Bitcoin four times this year; Bitcoin has closed above it only five days since January. ETF holders near break-even with average cost basis around $81,500-$82,000; high Treasury yields and squeezed carry trade returns are constraining Bitcoin's performance.

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