this is the first $BTC bear that never closed below realized price. Glassnode’s realized price is the average cost of every bitcoin last moved on-chain. in 2018–19 and late 2022, BTC spent time under that line, which meant the average holder was underwater. this cycle’s realized price kept rising, and spot did not close beneath it, even after the June low near $58,500 and last week’s dip toward $75,000. the average bitcoin holder staying in profit is why this drawdown looks different. Glassnode also has it only 30% off the October 2025 high near $126,000, versus 70% to 85% at the same point in the last three bears. short-term holder cost basis is $71,763. the true market mean is $76,746. BTC is still above both after the bounce to $87,000 and the defense of $84,000. that does not mean sell pressure is gone. ETFs flipped from buying the dip to net redemptions earlier this month. Coinbase premium is still negative. realized price is a floor the market has respected, not a guarantee it holds next week. so the average $BTC holder is still in profit. that is new for a bitcoin bear. $76,746 is the line that has not been lost. lose a weekly close under it and this cycle stops being the exception. #BTC Price Analysis# #Bitcoin Price Prediction: What is Bitcoins next move?# $XRP #Macro Insights#