Bitcoin buyers from late 2025 cap gains near $87,700, Glassnode says

Late-2025 buyers hold Bitcoin back near $87,700

Bitcoin buyers who bought late in 2025 are now holding back price gains, according to onchain analytics platform Glassnode. Their average purchase price, also called a cost basis, sits at about $87,700. Glassnode says that level is working as resistance, a price zone where selling tends to stop a rally.

The reason is simple. Those investors are currently underwater, meaning the current price is below what they paid. When price returns to their purchase level, many sell to get out at breakeven. That selling pressure has repeatedly outpaced new demand, Glassnode says.

Glassnode also points to the cost basis of a second group of buyers. Investors who bought Bitcoin one to two years ago have an average cost basis of $99,500, which is also acting as a ceiling on price.

Key numbers from the Glassnode research

• Late-2025 buyers' cost basis: about $87,700, now resistance.
• One-to-two-year holders' cost basis: $99,500.
• Other levels just above $87,000: the 2026 opening price at $87,490 and the 20-month simple moving average at $87,165.
• Support levels below price: spot Bitcoin ETF cost basis at $81,500, Bitcoin's true market mean at $77,500, and short-term holders' breakeven at $74,600.
• $80,000 is described as a psychological level where bid liquidity is concentrated.

How these price walls formed before

Glassnode says this pattern has appeared more than once in 2026. In November 2025, price fell below the cost basis of investors who had bought six to 12 months earlier, which was $94,000 at the time. When price tried to break above a trendline at $97,100 in January 2026, that level turned into resistance and pushed price lower.

A similar wall came from buyers who entered one to two years earlier. That group slipped into an overall loss in February 2026, when price dropped below their $76,900 cost basis. In May, the same cost basis stopped a rebound just above $82,000.

Glassnode described the size of the drops that followed. "Bitcoin rose to the 6-12 month cost basis in January and then fell by more than a third. It met the 1-2 year cost basis in May and fell by about a quarter," it said. The firm added that the one-to-two-year holders increased their selling during the rally at the start of October.

Why $80,000 is being watched as support

Below the current price, Glassnode points to the cost basis of US spot Bitcoin exchange-traded funds, or ETFs, as a support area. An ETF is a fund that trades on a stock exchange and lets investors get exposure to an asset without buying it directly.

Glassnode puts the spot ETF cost basis at $81,500. Bitcoin's true market mean, described as the cost basis for all Bitcoin bought on secondary markets, is $77,500. The breakeven point for short-term holders — wallets that have held Bitcoin for up to six months without selling — is $74,600.

Glassnode noted that $80,000 has become a focus for buy orders across exchange order books. "The block sits just under the US Spot ETF Cost Basis, so the zone between $80K and $81.5K is where order-book and on-chain support overlap. A break below it would bring the liquidation cluster just under $80K, and then the True Market Mean near $78K, into play," it said.

What is confirmed and what is not

Confirmed from the source: Glassnode published the research, and the cost basis levels, support levels and past price reactions are its stated findings. The quote about January, May and October price moves comes from Glassnode.

Still a matter of interpretation: cost basis levels are analytical measures produced by Glassnode, not official prices or guarantees. Whether any of these levels will hold or break in the future is not known and is not stated by the source.

Sources

• Cointelegraph