According to Glassnode, BTC spot is $90.9K, while STH Cost Basis is $104.2K, Active Investors Mean is $88.1K, True Market Mean is $81.7K, and Realized Price is $56.4K (source: Glassnode). According to Glassnode’s metric definitions, price below the STH Cost Basis places short-term holders at an aggregate unrealized loss, while price above the Active Investors Mean leaves active investors in average profit (source: Glassnode). According to Glassnode, $88.1K (Active Investors Mean) and $81.7K (True Market Mean) sit below spot as key downside levels, $104.2K (STH Cost Basis) sits above spot as an overhead level for short-term holders, and $56.4K (Realized Price) represents the aggregate realized cost basis that defines the market-wide average acquisition price (source: Glassnode). According to Glassnode, a spot move back above $104.2K would place the STH cohort in aggregate profit by the definition of the STH Cost Basis (source: Glassnode).

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 @Andre_Dragosch, Bitcoin (BTC) is already approaching a deep value zone, suggesting traders should tune out short-term volatility noise and refocus on valuation-driven setups. Source: @Andre_Dragosch on X, Nov 22, 2025. Deep value in BTC is commonly identified when MVRV falls below 1.0, indicating spot trades under the average on-chain cost basis, a condition historically linked to accumulation windows. Source: Coin Metrics MVRV definition and research. The Puell Multiple is used to track miner revenue stress at market lows, with sub-0.5 readings frequently coinciding with prior bottoming phases. Source: David Puell and Glassnode research on Puell Multiple. The Mayer Multiple compares price to the 200-day moving average and signals undervaluation when meaningfully below long-run norms (often cited <0.8–0.9 during major cycle lows). Source: Trace Mayer’s Mayer Multiple methodology. Price interaction with realized price is also monitored as a cycle-floor proxy that has historically marked value-buying zones during bear market exhaustion. Source: Coin Metrics realized price research. Actionably, traders can deploy dollar-cost averaging, stagger bids near on-chain value references, and wait for multi-indicator alignment before increasing risk while headlines remain noisy. Source: CFA Institute guidance on dollar-cost averaging and risk management.

According to @MRRydon, bull markets make you money while bear markets make you rich, emphasizing that wealth is primarily built by positioning during downturns rather than chasing late-stage rallies, source: @MRRydon. In crypto, bear phases frequently see BTC trading at or below its realized price, a condition Glassnode identifies as typical of bear markets and historically associated with better long-term accumulation zones, source: Glassnode on realized price and cycle analysis. Entering at lower valuations reduces average cost basis and improves expected risk-adjusted returns relative to late-cycle buying, which aligns with margin-of-safety principles, source: Benjamin Graham, The Intelligent Investor; CFA Institute research on valuation and expected returns. Actionably, traders can stage limit buys, keep dry powder, and enforce strict invalidation to cap downside during prolonged downtrends, aligning practice with the quote’s framework, source: @MRRydon for the principle; CFA Institute for risk management practices.

According to the source, the crypto market has erased September gains and BTC is barely holding. According to John J. Murphy’s Technical Analysis of Financial Markets, a decisive daily close relative to the 200-day moving average is a widely used trend filter that can signal continuation or reversal, providing a clear risk trigger for BTC positioning. According to Glassnode Academy, one-sided perpetual futures funding and elevated open interest increase liquidation probability and can precede long or short squeezes, so monitoring funding turning deeply negative or positive alongside open interest is essential. According to Glassnode Academy, realized price and the short-term holder cost basis are commonly tracked on-chain support and resistance levels that help identify where spot demand may re-enter during drawdowns.

According to @CryptoMichNL, referencing the analysis by @therationalroot, on-chain data offers concrete indicators for identifying Bitcoin market tops and bottoms. Traders are advised to review the latest explanation (source: YouTube, @therationalroot) to prepare for potential BTC price crashes. This data-driven approach uses metrics like realized price and on-chain transaction volume to signal when Bitcoin may be overbought or oversold, helping crypto investors optimize entry and exit points for maximum trading profitability. Understanding these on-chain signals is crucial for risk management and for anticipating high-volatility periods in the cryptocurrency market (source: @CryptoMichNL, June 10, 2025).

According to André Dragosch (@Andre_Dragosch), the discussion around whether 2025 will mark the end of the current Bitcoin bull market is gaining momentum among traders. Dragosch references historical Bitcoin halving cycles and on-chain data patterns, which have typically signaled the exhaustion of bull runs within 12-18 months post-halving. With the last halving in April 2024, several analysts are closely monitoring key trading indicators like realized price, MVRV ratio, and exchange inflows to anticipate potential bullish exhaustion points. Traders should watch for increased profit-taking and liquidity shifts, which historically have preceded major market corrections in previous cycles (source: @Andre_Dragosch, May 16, 2025).

According to @MilkRoadDaily, Ethereum (ETH) is currently trading well below $2,000 and is under its realized price. Historically, such conditions have preceded significant rallies in the market. Traders are advised to consider historical patterns when evaluating potential future price movements. However, it is crucial to approach with caution and rely on verified market data.

According to @MilkRoadDaily, Ethereum (ETH) is currently trading well below $2,000 and its realized price. Historically, similar conditions have preceded significant rallies, suggesting potential for substantial price movements. Traders might consider this historical pattern when evaluating ETH's current market position.

According to glassnode, $ETH has fallen below its realized price of $2,058.04 for the first time in two years, indicating that the average investor is now facing an unrealized loss. The current ETH price is $1,917.86, with a Market Value to Realized Value (MVRV) ratio of 0.93, reflecting a 7% unrealized loss. This development could signal a potential buying opportunity or a need for caution among traders, depending on market sentiment and future price movements.

According to @glassnode, the current trading price of TON is $3.75, resulting in a market price to realized price ratio of approximately 1.54. This suggests that investors are experiencing around 54% unrealized profit. This metric is crucial for traders assessing the profitability of holding onto their TON investments, as it reflects the potential gains that have not yet been realized.