Bitcoin Long-Term Holders Face Rising Losses, With Selling Pressure Risk if BTC Reclaims $85,000
Bitcoin was trading near $80,000, prompting concern that losses among long-term holders could turn into selling pressure. If the cryptocurrency rebounds to $85,000, investors who return to breakeven could begin selling, the analysis showed.Walter Bloomberg, citing on-chain analytics firm Glassnode on October 28, reported that long-term Bitcoin holders own about 4 million tokens purchased between $85,000 and $118,000.With Bitcoin hovering near $80,000, more than half of those long-term holdings were bought at prices above the current market level.Glassnode said that if Bitcoin rebounds to about $85,000, selling pressure could intensify as more investors seek to exit at breakeven.Demand for Bitcoin exchange-traded funds has also weakened. At the same time, Glassnode said the amount of realized losses investors booked during the price decline has been gradually shrinking.