#BTC has broken below the 0.75 cost-basis quantile, a level that has historically marked bear-market territory. Across cycles, reclaiming and holding above it has been key to restoring bullish structure. Bulls will want to see this level regained.
📉https://glassno.de/4o6648m

At $96K, nearly 99% of investors who accumulated Bitcoin within the past 155 days are now holding at a loss

📉https://glassno.de/47GyFfn

Long-term #BTC holders are accelerating their distribution, with supply declining fast and net position change falling sharply into negative territory.
LTHs are booking profits as bulls defend $100k.
https://glassno.de/3XrNOLy

#Bitcoin consolidates near $103k, with support at $100K and resistance at $106K. ETF outflows, low leverage, and strong put demand highlight a cautious market still searching for conviction.

Executive Summary
- Bitcoin remains in a mild bearish phase, trading between $97K and $111.9K, with resistance near $116K marked by top-buyers’ supply cluster.
- Seller exhaustion and renewed accumulation near $100K provide short-term support but lack strong follow-through demand.
- A dense supply cluster between $106K–$118K continues to cap rallies as investors exit near breakeven.
- ETF flows have turned modestly negative, reflecting fading institutional demand and a cautious risk appetite.
- Futures markets show muted funding rates and low open interest, signalling subdued speculative activity across both Bitcoin and altcoins.
- Options traders maintain a defensive stance, with put protection concentrated around $100K, while the 25-delta skew remains a key gauge for sentiment shifts.
- Overall, the market is consolidating within a defined range, awaiting stronger inflows or macro catalysts to break out of the current equilibrium.



Read more in The Week On-Chain

The majority of #Bitcoin supply sits in long-term holder’s hands, while Ethereum shows greater turnover and productive use on-chain. In our joint research with Keyrock, we assess how BTC and ETH supply dynamics shape their respective store-of-value profiles. Grounded in on-chain data, our analysis cuts through the narratives, showing Bitcoin’s dominant savings-asset profile and Ethereum’s hybrid position as both reserve capital and working collateral within DeFI.

Read the report for full insights: https://glassno.de/47F7FNu