Glassnode Data Shows Bitcoin Is in Late-Stage Bear Market
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Glassnode's on-chain data shows Bitcoin has been in 'deep value' territory for about five months, trading below the True Market Mean of $76,600 and the Short-Term Holder Cost Basis of $72,200 since early February 2026. The persistent below-cost trading indicates a late-stage bear market with no clear bottom, suggesting downside risk for crypto prices, pressure on short-term holders and muted adoption signals.
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Bitcoin has remained in what Glassnode calls "deep value" territory for about five months, with no clear sign that the market has reached a bottom. According to the on-chain analytics firm, Bitcoin has traded below the True Market Mean of $76,600 and the Short-Term Holder Cost Basis of $72,200 since early February 2026.
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Coins
$ 77.76K
+1.12%$ 0.00166
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