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Long-term Bitcoin holders are holding about 4 million BTC bought at prices between $85,000 and $118,000, with more than half of those long-term holdings now sitting at unrealized losses, according to on-chain analytics firm Glassnode.
Glassnode said BTC is currently trading around $80,000, and a rebound to $85,000 could prompt more investors to sell, increasing selling pressure. The firm added that while demand for spot Bitcoin ETFs has weakened, the scale of stop-loss selling during the price decline has been gradually easing.