Bitcoin hasn’t had the best year, losing 13% year-to-date after effectively erasing all its 2025 gains in the last two months.
Onchain analytics firm Glassnode said the road to recovery is weighed down by heavy overhead supply, rising loss realization and fading demand
This story is an excerpt from the Unchained Daily newsletter.
Subscribe here to get these updates in your email for free
“Bitcoin remains confined within a structurally fragile range, with recent rejection near $93k and a gradual drift lower toward $85.6k highlighting persistent overhead supply,” Glassnode wrote.
The analysts concluded that a leg higher would require either seller exhaustion or a renewed influx of liquidity capable of absorbing supply.
Bitcoin has seen more than six large liquidation events this year, with total yearly liquidations exceeding tens of billions. Unlike previous cycles, the negative price action comes in a year that has been devoid of major catalysts like the FTX collapse in 2022 and the ICO bubble bursting in 2018.
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
Bitcoin Remains Trapped in ‘Fragile Range’: Glassnode - Unchained
Bitcoin hasn’t had the best year, losing 13% year-to-date after effectively erasing all its 2025 gains in the last two months.
Onchain analytics firm Glassnode said the road to recovery is weighed down by heavy overhead supply, rising loss realization and fading demand
This story is an excerpt from the Unchained Daily newsletter.
Subscribe here to get these updates in your email for free
“Bitcoin remains confined within a structurally fragile range, with recent rejection near $93k and a gradual drift lower toward $85.6k highlighting persistent overhead supply,” Glassnode wrote.
The analysts concluded that a leg higher would require either seller exhaustion or a renewed influx of liquidity capable of absorbing supply.
Bitcoin has seen more than six large liquidation events this year, with total yearly liquidations exceeding tens of billions. Unlike previous cycles, the negative price action comes in a year that has been devoid of major catalysts like the FTX collapse in 2022 and the ICO bubble bursting in 2018.