According to Unchainedcrypto, on-chain analytics firm Glassnode data shows that more than 25% of the Bitcoin supply is currently in the red, and the market structure bears unusual similarities to the 2022 Quarter 1 setup, which was the early stages of the cryptocurrency winter.
Glassnode noted that demand for ETFs, spot and futures markets is weakening. Over the past two weeks, Bitcoin has fallen and found support near a key valuation anchor known as the "true market mean", which is the cost basis for all non-dormant tokens (excluding miners). "This level typically marks the dividing line between a mild bearish phase and a deep bear market," Glassnode said.
Glassnode believes that maintaining Bitcoin in the $96,000 to $106,000 range is essential to stabilizing the market structure and reducing downside risks at the end of the year.
Glassnode: More than 25% of bitcoin supply is currently at a loss, and the market structure is similar to early 2022
2025-12-04 12:29:10
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