All $Bitcoin cohorts have now decisively moved into distribution, led by the 10–100 $BTC group. The uniformity across cohorts highlights broad sell-side pressure emerging in the market.

The Relative Unrealized Loss of $BTC investors sits at just 0.5% - far from the >30% levels typical of bear market extremes. This reinforces that most holders remain in profit, despite growing short-term stress.

Yesterday, I made the decision to sell all of my Bitcoin and Altcoins as I feel data has grown exhausted, which has shifted my perspective from bullish to bearish. I sold my Bitcoin at $112,596.64 I sold my Ethereum at $4,500.82 I have been holding both coins from these prices

Bitcoin price dipped below Short Term Holder Realized Price. You know the drill.

Consolidation Range Bitcoin is currently trading at $111.1k, stuck between the 0.85 and 0.94 quantile cost basis band ($104.1k–$114.1k). This range historically marks post-euphoria consolidation. A break below signals further exhaustion, while a reclaim above $114k could mark

#Bitcoin’s short-term correlation with Gold has flipped negative (30D: -0.53), while longer horizons remain modestly positive (365D: 0.65).

Since our Aug 25 post, distribution has softened but not reversed. Most $BTC cohorts remain below the 0.5 threshold, indicating sell-side pressure persists. No group is showing strong accumulation (>0.8). The market remains in a broadly neutral-to-distribution regime.

Holding The Line Bitcoin holds support at the STH cost basis, with ETFs and slowing LTH sell pressure adding stability. Options reset post-expiry as OI rebuilds, vol eases, and flows tilt toward cautious Q4 upside. Read the full Week On-Chain below👇 glassno.de/46Nc3YZ

Looks we've triggered a huge mechanical deleveraging of systematic strategies today. They were ultra-long equities and therefore hyper-sensitive to small fluctuations in trend and volatility, so it doesn't take much for them to start selling. It's been ripe for a while.

The largest liquidation event in crypto history. In the past 24 hours, 1,618,240 traders were liquidated, with a total liquidation amount of $19.13 billion. The actual total is likely much higher — #Binance only reports one liquidation order per second.

Update! Top 50 Crypto Liquidation Events coinglass.com/pro/futures/li…

Smaller $BTC holders are stepping up. Strong accumulation is underway among small to mid-sized cohorts (1–1000 BTC), while large holders have slowed distribution, signaling renewed confidence in spite of the recent shakeout.

OK, lots of bad takes on X over the past few days. Is there a banking crisis? (no) Is there a dollar funding crisis? (not really - yet) Is the Fed doing QE? (no) So what's going on? The current funding/banking issues are largely being fueled by a rebuild of the Treasury

Altcoin relative profits are stabilizing in deep capitulation territory, with only ~5% of supply in profit, while Bitcoin’s profits have just begun to decline sharply. This unusual divergence between BTC and alts is unprecedented in prior cycles. 📉 glassno.de/4a0zsJs

During the November–December bottoming phase, supply accumulation was primarily driven by larger entities, while smaller cohorts were distributing. This divergence appears to be driven in part by exchange-related wallet reshuffling, and also by large holders buying the dip. 📉

Failed Breakout #Bitcoin is consolidating in a low-volume regime, with easing spot pressure, light leverage, and volatility priced as short-lived rather than structural. Read the full Week On-Chain👇 glassno.de/3ZosaJ7

Stress Builds Below Resistance $BTC is consolidating with muted volumes, as spot bid rebuilds slowly while options markets lean increasingly defensive. Read the full Week On-Chain👇 glassno.de/3Zp9oBD

Structural Weakness Bitcoin remains defensive in the $60k–$72k zone while overhead supply caps rallies. Treasury outflows, reactive spot volume, and cooling futures signal shallow demand. Read the full Week On-Chain👇 glassno.de/4ksUSCi

🔄 Update: With the spot price trading at $68.8K, the key on-chain price models are as follows: 🔴 STH Cost Basis: $90.9K 🟡 Active Investors Mean: $85.8k 🟢True Market Mean: $79.0K ---- Spot Price: $68.8K ---- 🔵 Realized Price: $54.9K 📊 glassno.de/3XDy2xe

The last big move was a precise hit of level 2 on the Magic Bands at 65k. And, in the exact time frame you'd expect. Dates for previous level 2 in bear markets: February 26th, 2014 February 3rd, 2018 January 23rd, 2022 February 7th, 2026 The cycle bottom band, which has been