According to @glassnode, Bitcoin remains below key on-chain cost-basis levels as spot demand softens, signaling weak buy-side conviction at current prices. Source: Glassnode tweet on Oct 29, 2025 and Week On-Chain report. @glassnode reports that long-term holders are distributing coins, increasing available supply and capping rallies. Source: Glassnode tweet on Oct 29, 2025 and Week On-Chain report. The firm highlights that volatility is subdued yet fragile, which can magnify the impact of macro shocks. Source: Glassnode tweet on Oct 29, 2025 and Week On-Chain report. @glassnode warns that this setup leaves BTC markets vulnerable to a hawkish Federal Reserve surprise. Source: Glassnode tweet on Oct 29, 2025 and Week On-Chain report.

According to @glassnode, Bitcoin BTC is trading below the $113.6k and $115.6k cost basis for the 1M and 3M holder cohorts, leaving short-term holders underwater (source: @glassnode, Aug 28, 2025). According to @glassnode, rallies may face resistance near $113.6k-$115.6k as these investors look to exit at breakeven (source: @glassnode, Aug 28, 2025).