TechFlow news, December 4 — According to Unchainedcrypto, data from on-chain analytics firm Glassnode shows that over 25% of the Bitcoin supply is currently in a loss position. The market structure bears unusual similarities to Q1 2022, which marked the early phase of the crypto winter.
Glassnode noted that demand in ETF, spot, and futures markets is weakening. Over the past two weeks, Bitcoin has dropped and found support near a key valuation anchor known as the "realized market value," which represents the cost basis of all non-dormant tokens (excluding miners). "This level typically marks the boundary between a mildly bearish phase and a deep bear market," Glassnode stated.
Glassnode believes that Bitcoin maintaining a price range between $96,000 and $106,000 is crucial for stabilizing market structure and reducing downside risks by year-end.
