According to Glassnode, BTC is still trading below the short-term holder cost price of $68,500 and the True Market Mean of $75,800. On-chain models continue to confirm that the market is in a capitulation phase. However, the peak of relative unrealized losses in this cycle is only around 25%, significantly lower than the over 60% levels seen in previous cycles. Additionally, the 90-day realized profit/loss ratio remains at 0.75, not yet dropping below the historically common 'seller exhaustion' zone of 0.5. At the same time, perpetual contract demand has turned positive, and ETF fund flows have stabilized somewhat, but the Coinbase Premium remains negative, indicating that U.S. spot demand has not truly returned. Glassnode believes that until U.S. Treasury yields decline and the on-chain profit/loss structure improves further, any current rebound should be viewed as a local recovery rather than a trend reversal. https://(wublock123.com)/news/glassnode-rise-likely-local-rebound-not-trend-reversal-66855