According to @glassnode, Bitcoin is stabilizing above the True Market Mean while the market structure mirrors Q1 2022 with more than 25% of supply at an unrealized loss. According to @glassnode, demand is weakening across ETFs, spot markets, and futures. According to @glassnode, options markets show compressed volatility and cautious positioning. According to @glassnode, these on-chain and derivatives observations indicate a cautious trading backdrop in its latest Week On-Chain update.

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.

According to glassnode, Ethereum (ETH) broke above its Realized Price at $1,900 in May 2025, signaling that the average ETH holder is now in profit—a key bullish indicator for traders. The price has also surpassed the True Market Mean at $2,400, reinforcing positive momentum. However, glassnode highlights that reclaiming the Active Realized Price at $2,900 is crucial for further market confidence and sustained upward movement. Traders should watch for a confirmed breakout above $2,900 as a strong signal of continued bullish sentiment in the ETH market (source: glassnode, May 23, 2025).