Bitcoin’s loss-selling spike near $80K may mark a local bottom, Glassnode says

Bitcoin holders hit the sell button hard as the price slid toward $80,000. According to Glassnode, that kind of capitulation has recently been a decent sign that the worst is over, at least for now. The on-chain analytics firm said on October 16, 2026 that the latest wave of loss-selling could signal a local bottom if past patterns repeat. What Glassnode saw on-chain The loss-selling episode played out on October 15, 2026, as Bitcoin dipped near the $80,000 mark. Glassnode framed the activity as potential capitulation, the moment when holders throw in the towel and sell below what they paid. The firm pointed to similar episodes in early and mid-August and again in September 2026. In each case, a burst of selling at a loss was followed by a local bottom. Price action has cooperated so far. Bitcoin traded around $82,400 on October 15 and around $82,700 on October 16, after briefly slipping below $80,000 earlier in the month. The levels traders are watching Glassnode flagged several price zones that matter. The first is the cost basis for US spot Bitcoin ETF holders, near $81,500. Beneath it sits the True Market Mean, another cost-basis level that Glassnode places at roughly $77,500 t...