In its latest report, Glassnode warned that Bitcoin is experiencing a sustained loss of momentum. The pioneer cryptocurrency’s price fell below the short-term holder cost basis of $75,600, while the stablecoin supply recorded its sharpest 30-day contraction since June 2022, and US spot ETFs accumulated net outflows totaling $1.6 billion in recent weeks.
This pullback has left 65% of recent investors holding unrealized losses, widening the divergence against traditional equity markets. A persistent Coinbase discount reflects paused US institutional demand, while bond markets continue to price in elevated interest rates. Despite this challenging backdrop, leverage flushes and steady accumulation by wallets holding between 100 and 10,000 BTC are mitigating the risk of cascading liquidations.
The key immediate support level sits at $73,000; a sustained consolidation below this threshold would prolong the bearish phase, whereas maintaining structural support above $58,500 will preserve the broader trend reversal initiated in August.
Source: https://research.glassnode.com/the-week-onchain-week-45-2026/
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