Glassnode: BTC is still below short-term holder cost and market is in the phase of capitulation

According to Glassnode data, the BTC is still operating at a low cost of $685 million for short-term holders and a real market average of $758 million, and the chain-based model continues to confirm that the market is in the phase of capitulation. The relatively unrealized peak of losses in the current round was only about 25 per cent, significantly below the level of over 60 per cent in the previous cycle, and the 90-day gain/loss ratio remained at 0.75 and had not fallen to the “seller depletion” zone, which was historically common below 0.5. At the same time, the demand for a lasting contract has shifted, and ETF flows have stabilized, but Coinbase premium remains negative, and United States spot demand has yet to return. Glassnode argued that any current rebound would be considered a partial rebound rather than a reversal of the trend until the return on United States debt and further improvement in the chain structure。