Bitcoin holds $80,000 as 4 million coin supply overhead threatens recovery
Onchain data from Glassnode shows roughly 4 million Bitcoin bought above $85,000 could limit price gains, even as exchange outflows continue through October.
Key takeaways
- 1Long-term holders own roughly 4 million Bitcoin bought between $85,000 and $118,000, according to Glassnode.
- 2Bitcoin was trading at $80,747 on 29 October, down 0.4 percent over 24 hours.
- 3Bitcoin's realised volatility fell to around 25 percent, nearing summer 2023 lows of 18 percent.
- 4CryptoQuant recorded negative net exchange flows across major exchanges throughout October.
Bitcoin traded at $80,747 on 29 October, down 0.4 percent over 24 hours, after buyers repeatedly defended support above $79,500. The cryptocurrency has a total market capitalisation of $1.62 trillion. The steady price action follows a decision by the US Federal Reserve to hold interest rates unchanged between 3.75 percent and 4.00 percent, after Bitcoin recovered to $81,230 on Wednesday morning.
Data from blockchain analytics platform Glassnode indicates that long-term holders hold roughly 4 million Bitcoin purchased at prices ranging from $85,000 to $118,000. Decrypt reported that this heavy concentration of supply bought at higher levels could cap price gains during recovery rallies. The spent output profit ratio for long-term holders stands at 0.99, showing that coins moving onchain are selling at a loss on aggregate.
Bitcoin is currently trading near the average purchase price paid by holders of US spot Bitcoin exchange-traded funds. US spot ETFs recorded $176 million in net inflows on Tuesday before the Federal Reserve announcement. Previous data from YourKhabri showed that on 22 November 2025, 864,520 Bitcoin, equal to 4.3 percent of total circulating supply, moved onchain between $84,000 and $85,000, creating an additional barrier for price growth.
Trading volatility has dropped sharply compared to earlier periods of high activity. Glassnode charts cited by Coinpedia showed that Bitcoin's realised volatility fell to around 25 percent. This brings price fluctuations close to the 18 percent low recorded in the summer of 2023, a period of reduced trading activity that eventually led to a broader market move.
Technical charts present a mix of signals for short-term traders. Coinpedia reported a positive cumulative volume delta, pointing to steady spot buying pressure. Analysts also observed a potential hidden bullish divergence on the relative strength index, where price makes a higher low while the momentum indicator registers a lower low, suggesting the underlying uptrend could resume.
Onchain exchange data shows continuous supply reductions on central trading platforms. CryptoQuant metrics showed negative net exchange flows throughout most of October, indicating that investors moved more Bitcoin into private wallets than onto public exchanges. For a sustained price recovery, buyers must defend the $79,500 support zone and push Bitcoin above resistance between $81,000 and $82,000, which would put targets at $83,500 and $84,000 into view. A failure to hold $79,500 would expose the market to renewed selling pressure.
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Reported and edited by the YourKhabri desk under our editorial policy. Nothing here is investment advice.