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 #BTC  Glassnode: Since mid-November, BTC has fallen below the 0.75 quantile, putting >25% of the supply underwater.

This leaves the market in a fragile balance between the risk of capitulation of the upper buyer and the formation of a seller exhaustion bottom.

At $93,000, the price remains very sensitive to macroeconomic disturbances until the market can recover the 0.75 quantile ($95,800) and then the 0.85 quantile (~$106,200).