Four Million Bitcoin Have Cost Bases Between $85,000 and $118,000

About four million Bitcoin held more than 155 days last moved at prices from $85,000 to $118,000, creating a potential break-even selling overhang near $85,000.

Most coins in that range last moved in 2025, and more than half of the cohort had cost bases above Bitcoin’s market price during the Oct. 28 analysis. The long-term-holder measure groups coins by how long they have been held, not by the identity of their owners.

“If price recovers toward $85K, many of these holders may sell to get their money back,” Glassnode wrote. The estimate describes a possible response to a price recovery; it does not establish that holders have placed sell orders or how many might sell.

Cost basis here reflects the price when coins last moved on-chain, which may differ from what a holder paid. A transfer between wallets controlled by the same holder can change that measure without representing a purchase. About 4.3% of Bitcoin’s supply last moved in the $84,000-to-$85,000 band. Most of that activity came from one large holder moving coins between its own wallets on Nov. 22, 2025.

Bitcoin had closed above $85,000 on five days since January 2026, with no run of closes lasting more than three consecutive days. Consecutive daily closes above $85,000 would put the $84,000-to-$85,000 band back in support.

U.S. spot Bitcoin exchange-traded funds recorded $67 million in net inflows over the two weeks before the analysis. Most of a $653 million inflow on Oct. 19 had left by then, including $540 million in outflows on Oct. 22.

A Binance spot order-book snapshot showed $3.4 million in bids at $80,000 and about $42 million between $78,000 and $79,000. The latter figure was up from about $24 million in mid-October.