According to @glassnode, Bitcoin’s Mayer Multiple has retraced toward the lower bound of its long-term range, indicating a slowdown in momentum, source: @glassnode on X, Nov 20, 2025, https://twitter.com/glassnode/status/1991511704820412599 and https://glassno.de/3K8aKMN. @glassnode adds that such compressions have historically aligned with value-driven phases where price consolidates and demand begins to step in, a backdrop consistent with range-bound trading conditions, source: @glassnode on X, Nov 20, 2025, https://twitter.com/glassnode/status/1991511704820412599 and https://glassno.de/3K8aKMN. The Mayer Multiple compares BTC price to its 200-day moving average, framing this reading as a value-focused signal for traders to monitor consolidation and on-chain momentum shifts, source: Glassnode metric definition, https://academy.glassnode.com and context from @glassnode on X, Nov 20, 2025, https://twitter.com/glassnode/status/1991511704820412599.