According to @glassnode, BTC spot price is $89.3K while the Short-Term Holder cost basis is $103.1K, placing the STH cohort at an aggregate unrealized loss of about $13.8K at current price, source: Glassnode glassno.de/3XDy2xe, Dec 7, 2025. Spot is $1.3K above the Active Investors Mean at $88.0K and $7.9K above the True Market Mean at $81.4K, source: Glassnode glassno.de/3XDy2xe, Dec 7, 2025. Realized Price stands at $56.4K, leaving spot approximately $32.9K above the aggregate on-chain cost basis, source: Glassnode glassno.de/3XDy2xe, Dec 7, 2025. Key trading levels to monitor relative to spot are $88.0K and $81.4K on the downside and $103.1K as the nearest STH breakeven overhead, source: Glassnode glassno.de/3XDy2xe, Dec 7, 2025.

According to @glassnode, Bitcoin spot is $86.5K at the time of the update, providing a live reference for intraday positioning; source: Glassnode on X, Nov 23, 2025, https://twitter.com/glassnode/status/1992576186531168285. Short-Term Holder Cost Basis is $105.5K, placing spot about 18% below that cohort’s average cost basis; source: Glassnode on X, Nov 23, 2025. Active Investors Mean is $87.1K, leaving spot roughly 0.7% below this threshold; source: Glassnode on X, Nov 23, 2025. True Market Mean is $81.3K, with spot approximately 6.4% above this level; source: Glassnode on X, Nov 23, 2025. The Realized Price stands at $56K, and spot is about 54.5% above this market-wide cost basis; source: Glassnode on X, Nov 23, 2025. Distance-to-levels for trade planning at $86.5K: $0.6K to Active Investors Mean, $5.2K to True Market Mean, $19K to STH Cost Basis, and $30.5K to Realized Price; source: Glassnode on X, Nov 23, 2025.

According to @glassnode, BTC has broken below the Active Investors Mean on-chain cost-basis, making the True Market Mean the next key cost-basis level at 81.9K USD. Source: @glassnode. @glassnode states the True Market Mean level is 81.9K USD and identifies it as the next critical reference for BTC after the break below the Active Investors Mean. Source: @glassnode. This update is based on Glassnode’s on-chain metrics published on Nov 20, 2025. Source: @glassnode.