According to glassnode, Bitcoin's VDD Multiple remains anchored in the low band, reflecting an accumulation regime with limited long-term holder spending and subdued distribution pressure (source: Glassnode, Jan 9, 2026, https://twitter.com/glassnode/status/2009604359819305403; https://glassno.de/3NazR2S). Glassnode states the market continues to absorb prior gains in a structurally constructive manner, consistent with the observed low-band VDD Multiple (source: Glassnode, Jan 9, 2026, https://twitter.com/glassnode/status/2009604359819305403).

According to @glassnode, distribution pressure is easing across key holder cohorts after weeks of heavy spending, indicating selling activity is moderating across several groups, source: @glassnode on X on Nov 17, 2025, https://glassno.de/4i5Sr7I. According to @glassnode, this moderation suggests the most aggressive supply may be starting to fade while BTC trades approximately 25 percent below recent highs, source: @glassnode on X on Nov 17, 2025, https://glassno.de/4i5Sr7I.