Bitcoin Defies Bear Market Norms with Unprecedented Price Stability
The Bitcoin bear market has reached a significant milestone without a price drop below its realized price, according to Glassnode's latest on-chain report. Since at least 2017, every Bitcoin bear market has seen prices crash below the realized price, which represents the average cost basis of every coin on the network.
Glassnode's Net Unrealized Profit/Loss metric, or NUPL, reinforces this point by showing that it remained positive throughout the entire cycle. This is a first in Bitcoin history, as previous bear markets saw aggregate loss territory.
The June 2026 low marked the cycle's deepest drawdown, but still held above the critical threshold of the realized price. The percentage of Bitcoin supply in profit did dip to levels seen in November 2022, but losses were broad and shallow.
The next major test lies ahead for Bitcoin, with Glassnode flagging the mean Market-Value-to-Realized-Value price at roughly $96,700 as a key resistance level. The options market gamma positioning also aligns with this zone.