According to @glassnode, at a BTC price of $110,000, roughly 9% of Bitcoin supply is at an unrealized loss of up to 10% (source: Glassnode, X post dated Sep 2, 2025). According to @glassnode, the local bottom of this cycle had over 25% of supply in loss with unrealized drawdowns up to 23% (source: Glassnode, X post dated Sep 2, 2025). According to @glassnode, historical global bear markets saw over 50% of supply in loss with unrealized losses up to 78% (source: Glassnode, X post dated Sep 2, 2025). According to @glassnode, this comparison frames the current dip as materially lighter than prior cycle bottoms and bear phases by on-chain loss metrics, giving traders a clear benchmark for risk context (source: Glassnode, X post dated Sep 2, 2025).