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Glassnode Glassnode @glassnode · 44.1K subscribers
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The Week On-Chain 2, 2025
As the Bitcoin market corrects from the $108k ATH, a significant proportion of froth has come out of the market, whilst demand remains relatively robust. Unrealized losses are primarily held by short-term holders; however, stress levels are relatively modest compared to previous drawdowns.

Executive Summary
🔹Bitcoin has entered a correction phase, trading -11% below its ATH of $108k but remaining above key support levels, retaining a constructive market structure.

🔹Z-Score analysis suggests cyclical highs typically align with various metrics trading 1.5 to 2.0σ above the mean, offering a framework to help navigate bullish market phases.

🔹Bitcoin's current price is around 10% above the Short-Term Holders' cost basis of $88.4k, underscoring a potential risk of downside if momentum stalls and price trades below this level.

🔹Unrealized losses are concentrated among short-term holders, with 2.0–3.5M BTC held underwater.

Read the full Week On-Chain and discover more insights.
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