The Glassnode report points out that the structure on the Bitcoin chain is in a surrender phase, with a short-term holder cost base of approximately $68500, which is lower than the real market average of $75800. The highest unrealized loss in this round is about 25%, and the realized profit to loss ratio is 0.75 on the 90 day moving average, which is higher than the usual level of 0.5 or below required for seller exhaustion. Before the indicator breaks through 2, a price rebound is considered a partial rebound. The directional premium of the 30 day perpetual contract market has turned positive, but the Coinbase Premium Index remains negative, and demand in the US spot market has not yet returned.
