Glassnode: Currently, over 25% of the Bitcoin supply is in a loss state, with market structure similar to early 2022

2025-12-04 12:16:47

According to TechFlow, on December 4, Unchainedcrypto reported that on-chain analytics firm Glassnode data shows that currently over 25% of Bitcoin supply is in a loss state. The market structure bears an unusual similarity to the first quarter of 2022, which was the early stage of the crypto winter.

Glassnode points out that demand for ETFs, spot, and futures markets is weakening. Over the past two weeks, Bitcoin has dropped to and found support near a key valuation anchor known as the “True Market Mean,” which is the cost basis for all non-dormant tokens (excluding miners). “This level typically marks the dividing line between a mild bearish phase and a deep bear market,” Glassnode stated.

Glassnode believes that Bitcoin maintaining the $96,000 to $106,000 range is crucial for stabilizing market structure and reducing year-end downside risk.

BTC2.09%

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