Bitcoin Price Never Closed Below Expectation in 2026 Bear Market
Bitcoin's price never closed below its realized price during the 2026 bear market, according to Glassnode. The June 2026 low held above the aggregate cost basis, and if the price stays above the True Market Mean near $77,000, it would be the shallowest bear-market bottom since 2017. The Percent Supply in Profit fell to similar levels as November 2022, but Net Unrealized Profit/Loss remained positive, indicating less structural pressure to sell.
How this was made

The 30-second read
Why it matters
Limited realized‑price impairment and fresh institutional inflows suggest a relatively stable near‑term outlook, but key support levels remain critical.
Market read
Bitcoin's price action and ETF inflows are central to crypto market sentiment, influencing both spot and derivative markets.
What to watch
Potential macro‑policy shifts or regulatory news could quickly reverse the current inflow trend.
Background
The piece analyzes on‑chain data and recent ETF flow figures to assess Bitcoin's bear‑market health.
Ticker impact
Article discusses Bitcoin's realized-price metrics, recent $1.3B ETF inflows and volume expansion, indicating the coin is the primary subject.
potential upward pressure if price stays above $77,000; downside risk if it falls below that level
Metrics show cost‑basis damage is limited and institutional inflows have resumed, supporting a bullish bias unless support breaks.
Market effects
Positive ETF inflows may benefit other crypto‑related assets and firms with exposure to Bitcoin.
U.S. spot Bitcoin ETFs show notable inflows, indicating domestic investor interest.
Bitcoin's price dynamics remain a global market driver for crypto sentiment.
Counterpoint
If volume spikes are driven by short covering rather than new buying, a pullback below $77k could be swift.
Key entities
- Data ProviderGlassnode
Provides on‑chain metrics used in the analysis.
- Options ExchangeDeribit
Supplies options gamma data referenced for price boundaries.


