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.