4M Bitcoin Bought Above $85K Could Cap Recovery: Glassnode
Summary
Glassnode says long-term holders own about 4 million BTC bought at $85,000–$118,000 and may sell near break-even if Bitcoin rebounds. The $84,000–$85,000 zone has repeatedly capped the price, while U.S. spot Bitcoin ETF holders are also near their average purchase price. Analysts cite high Treasury yields and weaker cash-and-carry returns as headwinds, but say recent selling has been limited and the main problem is weak new demand. ETFs recorded about $424 million in inflows from Monday to Wednesday. Glassnode sees bids near $78,000–$79,000; an analyst expects Bitcoin to remain between roughly $75,000 and $85,000 in the short term.
