📉 Glassnode analysts highlighted the main factor of stagnation: a significant volume of market supply is concentrated among holders who opened positions at local highs.

Key insights:

Pressure of unrealized losses: ≈ 8.4 million BTC are currently "underwater" (average entry price — in the range of $80k–$126k). This creates a strong resistance zone: when attempts to rise occur, the market faces position fixing "at breakeven."

Capitulation phase: to restore the bullish trend, prolonged consolidation is needed for asset redistribution or a sharp price drop that triggers 'weak hands' to exit their positions.

Bottom formation marker: the current daily unrealized losses stand at ~$200 million. Historically, market stabilization occurs when this figure drops below $25 million per day.

Institutional activity: there's a desynchronization in strategies. While MicroStrategy sticks to a systematic accumulation tactic, Marathon is taking profits/reserves, reducing overall buying pressure.

Summary: the market is absorbing excess supply created at high price levels. Until the 'unloading' is complete, the most likely scenario remains movement within the current range.

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