Bitcoin trades below the profitability threshold for active holders, with early signs of BTC demand offering limited price support for now.
Bitcoin (BTC) hit range highs above $76,000 on Wednesday, but Glassnode analysts say data suggest that calling for the start of a new bull market is premature.
New capital inflows have stayed weak, with Bitcoin’s growth rate remaining negative across all 105 trading days in 2026, highlighting a gap between stable price action and limited new demand.
Glassnode analyst CryptoViz.art uses the true market mean (TMM) to estimate the average cost basis of active BTC investors. The metric divides investor capitalization by liveliness-adjusted circulating supply, filtering out inactive coins and the lost supply.
