Glassnode: 4M Bitcoin Bought Above $85K Could Cap Recovery as Long-Term Holders Sit on Losses

Roughly 4 million Bitcoin purchased between $85,000 and $118,000 is held at a loss by long-term holders who may sell into any rally toward that range, capping a potential recovery, on-chain analytics firm Glassnode said Wednesday. Glassnode, which defines long-term holders as those holding coins for more than 155 days, said most of that block was bought in 2025 and more than half of all long-term holder coins were acquired above the current price. The block is worth about $326 billion at Bitcoin's price of around $81,400, up 1.2% over 24 hours but about 35% below its all-time high of $126,080. The $84,000-$85,000 band has turned Bitcoin back four times this year, with the asset closing above it on only five days since January. U.S. spot Bitcoin ETF holders are near break-even, with Glassnode putting their average cost at $81,500. The Fed held its benchmark rate at 3.75%-4.00% on Wednesday in a 10-2 vote. HashKey's Tim Sun cited persistently high Treasury yields as the main constraint, expecting Bitcoin to trade between $75,000 and $85,000 short term.