
Amaterasu, I’ve seen this price of $BTC so many times before? Glassnode data shows that long-term holders have an average cost basis of $85K to $118K for approximately 4 million $BTC, mostly bought at the 2025 highs—more than half of these long-term positions are still underwater. Meanwhile, short-term holders’ average cost basis sits between $77K and $64K. Historically, to break out, BTC needs to hold steady above $85K for several consecutive days—otherwise, it’s still best to keep your head down and drink water~
