Glassnode identifies first Bitcoin bear market without price drop below realized price

Glassnode identifies the current cycle as Bitcoin’s first bear market in which price has not fallen below its realized price, a key on-chain valuation threshold representing the aggregate cost basis of holders. The pattern suggests stronger underlying market support than in prior downturns, despite sustained weakness and reduced demand. However, remaining above realized price does not rule out further declines and indicates a potentially prolonged consolidation rather than a confirmed recovery.