According to @glassnode, Bitcoin (BTC) has lost the 0.75 supply cost-basis quantile and is now trading below the cost basis of 75% of supply, indicating rising distribution pressure (source: @glassnode). @glassnode states risk has shifted higher with downside dominant unless this level is recovered (source: @glassnode).

According to Bubblemaps, 68 wallets were funded via ChangeNow just before the ATLAS launch. Source: Bubblemaps on X, Dec 28, 2025. These wallets had no prior on-chain activity, were funded in tight time windows with similar amounts of ETH, and sniped ATLAS at launch. Source: Bubblemaps on X, Dec 28, 2025. Bubblemaps reports these 68 wallets now hold 47% of the ATLAS supply valued around 1 million dollars, highlighting a highly concentrated holder base that traders often monitor. Source: Bubblemaps on X, Dec 28, 2025.