BITCOIN FACES SELLING PRESSURE AS LONG-TERM HOLDERS SIT ON LOSSES Long-term Bitcoin holders own approximately 4 million BTC purchased betwe…
BITCOIN FACES SELLING PRESSURE AS LONG-TERM HOLDERS SIT ON LOSSES
Long-term Bitcoin holders own approximately 4 million BTC purchased between $85,000 and $118,000, according to Glassnode analysts.
With Bitcoin trading near $80,000, more than half of long-term holders' coins were reportedly acquired above current prices.
Glassnode warns that a recovery toward $85,000 could trigger selling from investors seeking to break even. Meanwhile, Bitcoin ETF demand has weakened, although losses realized during successive price declines have become smaller.