ChainCatcher news, Wednesday's Glassnode Onchain Newsletter said that despite the recent pullback, the overall structure of the Bitcoin market remains consistent with the historical bull market, which reflects both the resilience of demand and the limited size of the recent correction. The report emphasizes that although Bitcoin has experienced adjustments, these adjustments are much milder than in previous cycles.
Two key metrics Glassnode highlights are the True-Market Mean and Active Investor Price, both of which help estimate the average cost basis of Bitcoin investors in the current market cycle. The True-Market Mean reflects the average price that all market participants receive for Bitcoin over a period of time; on the other hand, the Active Investor Price specifically focuses on the average cost basis of investors who have actively traded in recent months.
Since the beginning of the year, spot prices have generally remained above these two levels, with only brief exceptions. This suggests the presence of a strong support base that helps stabilize the market when prices fall, the report said.
