@WuBlockchain•20 minuti fa
Glassnode Says Bitcoin Rebounds Remain Local Rallies, Not a Trend Reversal
Bitcoin remains below both the roughly $68,500 Short-Term Holder Cost Basis and the $75,800 True Market Mean, with Glassnode’s on-chain models continuing to place the market in a capitulation regime. Relative Unrealized Loss peaked at only about 25%, well below the more than 60% seen in previous cycles, while the 90-day Realized Profit/Loss Ratio remains at 0.75, above the sub-0.5 level historically associated with seller exhaustion.
Perpetual futures demand has turned positive and ETF flows are stabilizing, but the Coinbase Premium remains negative, signaling that U.S. spot demand has yet to meaningfully return. Glassnode said that until yields ease and the profit/loss ratio recovers toward 2, any Bitcoin rebound should be viewed as a local rally rather than a broader trend reversal.
