TechFlow news, Glassnode analysts noted that despite Bitcoin price volatility, recent market activity has shown a certain degree of resilience. The downturn in this bull cycle has been relatively modest, continuing the pattern seen in previous market uptrends.
The Glassnode Onchain Newsletter stated on Wednesday that despite the recent pullback, the overall structure of the Bitcoin market remains consistent with historical bull markets, reflecting resilient demand and limited correction幅度.
Analysts mentioned, "The maximum drawdown is somewhat smaller than what's commonly seen in past bull markets," indicating that demand dynamics have played a role in mitigating deeper declines.
Glassnode highlighted two key metrics: True Market Mean and Active Investor Price, used to estimate the average cost basis of Bitcoin investors in the current market cycle. The True Market Mean represents the average price at which all market participants acquired Bitcoin over a specific period, while the Active Investor Price focuses on the average cost basis of investors who have been actively trading over the past few months.
Since the beginning of this year, the spot price has mostly remained above these two indicators, with only brief exceptions. The report指出 that this demonstrates a strong support foundation in the market during price declines.
