Glassnode Says Bitcoin Faces Capped Selling Pressure at $88K Despite ETF Outflows

Introduction

Bitcoin faces growing resistance near $88,000 as exchange-traded funds return to net selling and higher US inflation weighs on market sentiment, according to a new report from blockchain analytics firm Glassnode.

Market Analysis

In its October 14 report, Glassnode identified the $80,000 to $81,500 range as a critical support zone, while investors who purchased Bitcoin over the past two years continue to create selling pressure above current prices.

Long-term Holders

Investors who purchased BTC between six and twelve months ago have an average cost basis near $88,000. Meanwhile, those who bought between one and two years ago have a cost basis around $100,000.

ETFs and Inflation

US spot Bitcoin ETFs attracted nearly $3 billion in net inflows between September 21 and October 6, marking their strongest buying period since November 2025. However, that momentum reversed on October 7. The funds subsequently recorded approximately $760 million in net outflows, removing a major source of demand from the market.

Glassnode Assessment

Glassnode said a sustained return of ETF inflows would provide stronger confirmation that buyers are absorbing the selling pressure. The firm also identified significant buying orders around $80,000 on Binance, while the True Market Mean sits near $78,000.

Conclusion

Despite weakening ETF demand, Bitcoin continues to hold key support levels. The average cost basis of US spot Bitcoin ETFs stands near $81,500, a level Bitcoin briefly lost on October 8 and 13 before recovering.

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A photo of a person holding a tablet with a chart of Bitcoin's price on the screen, with the price hovering around $88,000, and a background of a cityscape with a sense of uncertainty and caution.