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relief from market stress. To look closer at this, we'll rely largely on data from analytics firm Glass Node. When the market got stuck compressing between roughly 81,000 and 89,000, realized losses were running at about 403 million per day and the short-term holder profit loss ratio collapsed to 0.07x. In the simplest of terms, that's recent buyers getting rinsed and liquidity drying up. Now, at the time of shooting, BTC has found itself back in the 90ks. So, we've bounced, but we're also not back in the zone where short-term holders are truly comfortable. For that, we need to regain that short-term holder cost basis above 100K. If we use Glass Node's supply cost basis model, a key recovery zone is in the 96K to 106K band. Think of it as the range where the bigger, heavier buyers tend to have their average entries. Below 96K, more than 25% of the supply is underwater, which is why rebounds can seem fragile. Glass Node also noted in a recent report that the 7-day moving average of total supply in loss climbed to around 7.1 million BTC, highest since September of 2023. That means a lot of coins are sitting at unrealized losses, not profits. At the same time, net capital inflows is still
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