According to glassnode, when the BTC spot price traded near 87.3K, its on-chain price models showed STH Cost Basis at 96.5K, Active Investors Mean at 87.5K, True Market Mean at 80.7K, and Realized Price at 56.0K; source: x.com/glassnode/status/2015510904897421641 and glassno.de/3XDy2xe. According to glassnode, with the BTC spot later near 97K, these levels shifted to STH Cost Basis 98.4K, Active Investors Mean 87.8K, True Market Mean 81.1K, and Realized Price 56.2K, implying short term holders remain under water while traders may watch resistance near the STH Cost Basis and potential supports around the True Market Mean and Realized Price; source: x.com/glassnode/status/2011861491188687173 and glassno.de/3XDy2xe.

According to @glassnode, Bitcoin’s attempt to move above the Short-Term Holder cost basis around $98.4K was capped by sell-side pressure from 3–6 month holders whose average cost basis is near $112.6K, as this cohort increased spending into the move and realized elevated losses, weighing on upside momentum. According to @glassnode, BTC is consolidating in a low-volume regime with easing spot pressure, light leverage, and volatility priced as short-lived rather than structural.