Bitcoin On-Chain Metrics Signal Bear Market

Bitcoin Approaching Early Bear Market Phase, Glassnode Reports

• Short-term Bitcoin holders are experiencing substantial unrealized losses, similar to early bear market conditions.
• Long-term holders remain in profit but may face increased loss absorption as market conditions shift.
• The volatility-adjusted net realized profit/loss for Bitcoin has returned to its long-term median.
• This metric historically marks the boundary between bull and bear markets.
• Bitcoin is currently trading at $84,557 with a slight decrease over the last 24 hours.

Glassnode’s analysis indicates that short-term Bitcoin holders are facing significant losses, aligning with patterns seen in previous early bear markets. Meanwhile, long-term holders continue to profit but could see changes if market dynamics evolve.