Long-term Bitcoin holders own about 4 million BTC purchased between $85,000 and $118,000, mostly in 2025, according to Glassnode. Their roughly $326 billion position could create selling pressure if Bitcoin returns to $85,000, a level that has triggered four pullbacks this year. The estimated average cost of U.S. spot Bitcoin ETFs is between $81,500 and $82,000, with unrealized losses of about $2.63 billion as of Monday. The Federal Reserve held its benchmark rate at 3.75% to 4.00%, while elevated U.S. Treasury yields and weaker ETF flows limited buying interest. HashKey senior researcher Tim Sun expects Bitcoin to trade between $75,000 and $85,000 in the short term unless macro liquidity improves and new buying accelerates.
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