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.