Glassnode analysts report that long-term Bitcoin holders own approximately 4 million BTC, purchased between $85,000 and $118,000. With Bitcoin currently trading near $80,000, more than half of these long-term holders' coins were reportedly acquired above current prices, indicating they are sitting on losses. Glassnode warns that a price recovery towards $85,000 could prompt these investors to sell their holdings to break even. Additionally, demand for Bitcoin ETFs has weakened, although the losses realized during recent price declines have become smaller.