Bitcoin Holds Above Realized Price in Mild Bear Market

The current bear market for Bitcoin has been marked by several key metrics, including its price in relation to the realized price. According to Glassnode's data, Bitcoin never posted a daily close below its realized price during this period, and the June 2026 low held above that aggregate cost basis.

This means that even at the lowest point of the bear market, the average holder was not underwater in aggregate. In contrast, previous bear markets saw Bitcoin's price trade below the realized price for months, resulting in significant losses for holders.

The data also shows that the Percent Supply in Profit fell to a similar level at the June low as it did at the November 2022 bottom, but with less magnitude. This suggests that smaller losses generally translate into less structural pressure to sell, which can help explain why this drawdown didn't produce the kind of forced capitulation seen in prior cycles.