On October 30, Glassnode shared its market insights, noting that on-chain market dynamics continue to reflect a phase of adjustment and realignment. Bitcoin’s failure to hold above the short-term holder cost basis underscores weakening momentum and persistent selling pressure from both short-term and long-term investors. The high degree of dispersion among long-term holders and elevated exchange transfer volumes suggest that market demand is nearing saturation, indicating that a prolonged period of consolidation may be necessary to rebuild confidence. Until long-term holders resume accumulation, Bitcoin’s upside potential is likely to remain constrained. The market continues to struggle above the short-term holder cost basis (approximately $113,000), a critical battleground for bullish and bearish momentum. A failure to reclaim this level could lead to a further decline toward the active investor realized price (around $88,000). It is worth noting that this analysis accurately anticipated the impact of the Fed’s unexpected moves on Bitcoin: "The current market calm is conditional and temporarily stable, but it remains fragile should the Fed’s actions deviate from expectations."