Glassnode says BTC rebound is not a trend reversal

Glassnode said Bitcoin’s rebound is only a short-term rally rather than a trend reversal. The firm said BTC remains below both the short-term holder cost basis of around $68,500 and the realized market mean price of $75,800, indicating the market has yet to move out of the capitulation phase. Relative unrealized losses have peaked at 25% from the cycle high, well below the 60% or more seen in previous cycles, while the 90-day realized profit/loss ratio stands at 0.75 and has not fallen below 0.5, a level historically seen during phases of seller exhaustion. Glassnode added that perpetual futures demand has turned positive and ETF inflows have stabilized, but the Coinbase premium remains negative, suggesting U.S. spot demand has not meaningfully recovered.