Glassnode: 4M BTC Bought Above $85K Could Cap Recovery

The overlap between the ETF cost basis and spot price turns a technical level into a behavioral one: holders acquired above $85,000 are the marginal sellers most likely to exit near breakeven, which can blunt rallies without any change in fundamentals. The Fed's hold adds a macro layer, since a steady policy path removes one catalyst that might otherwise absorb that supply. Whether the $85,000 zone keeps acting as a ceiling, or gets absorbed as holders rotate rather than exit, is the open question worth watching.