glassnode: Bitcoin Has Entered a State of Deep Oversold, Market Could Be Forming an Early Bottom Structure

On November 25th, glassnode issued its weekly market analysis report. It stated that although the current trend of Bitcoin is still clearly downward, the recent holding around the $80,000 mid-level suggests that if the selling pressure continues to decrease, the price may show signs of stabilizing. The spot market is trading with thin volume and weak momentum. ETF funds continue to flow out, indicating that the market is transitioning from an aggressive selling phase to a more orderly derisking phase. The options market still maintains a defensive posture, with high skew and narrowing volatility spreads. This indicates that the market expects continued future volatility but with some easing of panic sentiment. On-chain activity remains sluggish. Transfer volume, fee revenue, and realized capitalization have all slowed down, indicating a relatively calm network operation. Profitability metrics have further deteriorated: unrealized losses and realized gains reflect the deepening of unrealized losses and the increase in the concentration of short-term holder supply, a pattern in line with a later-stage correction. In summary, Bitcoin continues to fall within a manageable range and is currently in a deeply oversold and high-pressure state. Although profitability remains under pressure, the slowing of outflows, the stabilizing momentum, and the lack of accumulated speculative leverage indicate that the market may be forming an early bottom structure in the $84,000 to $90,000 range.