The shift from a confirmed bull to a true bear market often comes after multiple major on-chain price models fail:

🔴STH Cost Basis: $109.8K
🟡Active Investors Mean: $88.6K
🟢True Market Mean: $82K
🔵Realized Price: $56.1K

We are now testing Active Investors Mean. A breakdown below both Active Investors and the True Market Mean would mark the first major confirmation of a deeper bear trend since May 2022.

📊 http://glassno.de/3XDy2xe

The $2.0 level remains a major psychological zone for Ripple holders.
Since early 2025, each time XRP has retested $2, investors have realized $0.5B–$1.2B per week in losses.

This underscores how heavily this level influences spending behavior.

📉http://glassno.de/4obHgvn

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Ends on #CyberMonday

$BTC sits beneath every short-term holder's realized price but remains well above deeper realized levels, leaving the market in no-man’s-land.
Regaining these bands would mark the first meaningful sign of structural recovery.
📉https://glassno.de/4rlNr2Y

Breaking above the top-buyers’ supply clusters is a key prerequisite for regaining momentum toward a new ATH.
The major immediate clusters sit at $93k–$96K & $100k–$108K, where typically some degree of resistance from recent buyers is expected.

📊 glassno.de/4p2DTbn

XRP’s futures OI has fallen from 1.7B XRP in early October to 0.7B XRP (~59% flush-out).
Paired with the funding rate dropping from ~0.01% to 0.001% (7D-SMA), 10/10 marked a structural pause in XRP speculators’ appetite to bet aggressively on upside.

📉 http://glassno.de/4pwZ0Cw

🔄 Update:

With spot price now at $90.9K, several key levels have shifted:

🔴 STH Cost Basis: $104.2K
--- Spot Price: $90.9K ---
🟡 Active Investors Mean: $88.1k
🟢True Market Mean: $81.7K
🔵 Realized Price: $56.4K

📊http://glassno.de/3XDy2xe

A new cost-basis cluster formed after Bitcoin’s drop into the low-$80K region, showing fresh accumulation at these levels. This zone is now one of the densest on the heatmap and could act as a strong support area, likely to be defended by recent buyers.
📉https://glassno.de/48mkMlC

The Glassnode x Fasanara Q4 2025 Digital Assets Report is live!
🔗 Download your copy at https://glassno.de/4pIbsQ1.

Drawing on Glassnode’s data and analytics and Fasanara’s trading perspective, we outline how market structure has shifted across spot, ETFs, futures, stablecoins, and tokenized assets.

From Bitcoin’s spot-driven expansion to the rise of tokenization and decentralized perps, the market is reshaping around new structural anchors. For professionals navigating a fast-changing market, the report offers a consolidated view of the digital asset ecosystem.

📄 Read more on Glassnode Insights → https://glassno.de/3MzXJwk

Tune in to our webinar with Keyrock at 4pm CET today, where Glassnode Analyst Chris Beamish and Keyrock Digital Asset Researcher Ben Harvey will unpack the data and market forces behind BTC’s and ETH’s diverging usage patterns.
🔗 Event link: https://glassno.de/4pPHt98