Glassnode identifies first Bitcoin bear market without price drop below realized price
Glassnode reports Bitcoin's 2026 bear market did not see prices drop below the realized price, a first since 2017. The June 2026 low stayed above this threshold. NUPL remained positive, indicating no aggregate network losses. Bitcoin is now near $84,000-$85,000, with key resistance at $96,700. US spot Bitcoin ETF inflows surged to $1.3 billion in five sessions.
How this was made
The 30-second read
Why it matters
The data suggests that Bitcoin holders are not collectively underwater, which may limit selling pressure and support price levels.
Market read
New on‑chain metrics indicate a historically unprecedented bear market without aggregate losses, offering traders fresh insight into price support and resistance zones.
What to watch
Potential impact of upcoming US regulatory decisions on spot Bitcoin ETFs not addressed in the report.
Background
Glassnode's on‑chain analysis provides a novel perspective on Bitcoin's bear‑market dynamics, focusing on realized price and NUPL metrics.
Ticker impact
Glassnode report shows Bitcoin never closed below its realized price in the current bear market, indicating no aggregate loss for holders.
Possible short‑term support around $84k‑$85k and resistance near $96k‑$97k.
On‑chain metrics are primary data; historically, breaches of realized price precede deeper declines.
Market effects
Positive signal for crypto‑related ETFs and mining firms due to reduced downside risk.
May boost investor confidence in US spot Bitcoin ETFs.
Highlights a unique bear‑market pattern that could influence global crypto sentiment.
Counterpoint
Despite on‑chain metrics, macro pressures or regulatory actions could still trigger a sharp decline.
Key entities
- Data ProviderGlassnode
On‑chain analytics firm publishing the report.
- CryptocurrencyBitcoin
Subject of the on‑chain analysis.
