Bitcoin never posted a daily close below its realized price during the current bear market, with the June 2026 low holding above the aggregate cost basis of all holders. Glassnode data indicates that if price holds above the True Market Mean near $77,000, the June low becomes the shallowest bear-market bottom since 2017. Unlike the 2018-19 and 2022-23 cycles when Bitcoin traded below realized price for months, the Net Unrealized Profit/Loss metric stayed positive throughout this cycle, reflecting narrower aggregate losses. U.S. spot Bitcoin ETFs took in approximately $1.3 billion over the five trading days, while spot volume across exchanges surged 121% from its August trough.
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