glassnode: Bitcoin has entered a state of Depth Oversold, and the market may form an early bottom structure.

On November 25, Glassnode released a weekly market analysis report stating that although the current Bitcoin trend is still clearly downward, the recent defense of the mid-$80,000 level indicates that if the dumping pressure continues to weaken, signs of price stabilization may emerge. The spot market is quiet, with soft trading volume and continuous outflows from ETFs, indicating that the market is transitioning from an aggressive dumping phase to a more orderly de-risking phase. The options market remains defensive, with a high skew and narrowing volatility spread, suggesting that market expectations for future volatility will persist, but panic sentiment has eased somewhat. On-chain activities remain sluggish. Transfer volumes, fee income, and realized capital changes have all slowed down, indicating that network operations are relatively calm. Profitability indicators have further deteriorated: unrealized losses and realized P&L reflect deepening unrealized losses and an increase in the supply concentration of short-term holders, which aligns with later adjustments. In summary, Bitcoin continues to retract within a controllable range and has now entered a state of deep oversold and high pressure. Although profitability remains under pressure, the slowdown in capital outflows, stabilization of momentum, and insufficient accumulation of speculative leverage suggest that the market may be forming an early bottom structure within the $84,000 to $90,000 range.