According to @CoinMarketCap, Bitcoin remains below 95,000 while roughly 6.7 million BTC are trading under purchase price, which Glassnode identifies as this cycle's highest loss-bearing supply. According to Glassnode research, large clusters of underwater coins often align with prior cost-basis levels and can act as resistance until price reclaims them, making 95,000 a key level for traders to monitor. According to Glassnode's unrealized profit and loss methodology, a sustained break and close above 95,000 would mechanically flip part of the loss-bearing supply back into profit, increasing the share of profitable supply tracked by Glassnode.

According to @glassnode, BTC has traded below the 0.75 quantile since mid-November, leaving more than 25% of supply underwater, and at $93K the market is highly sensitive to macro shocks until price reclaims the 0.75 quantile at $95.8K and then the 0.85 quantile near $106.2K. Source: Glassnode on X, Dec 4, 2025; glassno.de/3KEPxKM. The setup reflects a fragile balance between top-buyer capitulation risk and seller-exhaustion bottom formation, making these reclaim thresholds critical for trend confirmation. Source: Glassnode on X, Dec 4, 2025; glassno.de/3KEPxKM.