Bitcoin Hits 1.07M Supply Wall at $86K

Bitcoin has reached a critical price zone of $86,000, where around 1.07 million BTC are concentrated in long-term holder supply. This area is also significant for institutional investors, as U.S. spot exchange-traded fund (ETF) investors had been below breakeven and are now approaching profitability.

The data from Glassnode shows that the largest concentration of this supply sits around $85,000, and most of it has barely moved in the past 30 days. This means that investors who bought at these prices are now approaching breakeven after spending months underwater.

Nicolai Sondergaard, senior research analyst at Nansen, believes that a sustained move through $86,000 would be crucial for bitcoin's price stability. 'Aside from external macro numbers, I want to see sustained spot and ETF flows,' he said.