According to @glassnode, the crypto market’s Relative Unrealized Loss is 8.5% as of Nov 21, 2025, based on its X post and linked dashboard. Source: Glassnode; x.com/glassnode/status/1991853835250450913; glassno.de/3L8BbSI This on-chain metric measures the share of market capitalization sitting at paper losses and is used to contextualize investor positioning and downside risk for trade timing and risk management. Source: Glassnode