Glassnode said about 1.05 million BTC are held by long-term holders, with their cost basis concentrated between $83,000 and $86,000. According to Odaily, this is the first major cost-heavy zone above the current spot price of about $79,000.

Glassnode said these long-term holders have largely kept their positions through prior market pullbacks and have not sold. The firm said the $83,000 to $86,000 range will be an important level to watch as prices recover toward their cost basis, with attention on whether holders take profits or continue holding.