Foresight News reported on November 11, 2026, that Glassnode had said Bitcoin had fallen below the short-term holder cost basis of $75,600. In that account, Bitcoin was lagging U.S. equities, and capital that could drive a rise was continuing to flow out.
Holder positioning
Glassnode put the share of short-term holder supply still in profit at about 35%. It said sellers were, on average, exiting at a small loss.
Liquidity and the U.S. spot market
On funding, Glassnode reported that total stablecoin supply had fallen by $14.2 billion over the prior 30 days, the fastest contraction since June 2022. U.S. spot Bitcoin ETFs had a net outflow of $1.6 billion over the prior 20 trading days. After excluding the effect of USDT trading below $1, the 30-day average Coinbase premium remained negative, and the discount was the deepest since February.
The rate comparison in the same note
The two-year U.S. Treasury yield was 4.75%, 75 basis points above the Federal Reserve’s 4% rate at the time of the report. The note presented that gap as a sign that the bond market expected further rate increases, while noting it was far smaller than the 244-basis-point gap in June 2022.
Offsets Glassnode also cited
The same commentary listed several offsets. The decline had cleared most long leverage near the price, and the largest concentration of liquidations was between $59,500 and $62,600. Since the November 5 sell-off referenced in the report, buy orders within 5% of the price on Binance and Coinbase spot order books had consistently exceeded sell orders. Over the prior week, wallets holding 100 to 1,000 BTC and wallets holding 1,000 to 10,000 BTC had begun to add.
Levels Glassnode treated as conditional
These thresholds are Glassnode’s, not a conclusion of this desk. Glassnode said a return to $75,600 would support its view of a trend reversal dating to August. A sustained break below $73,000 could mean a longer consolidation. A close below the June low of $58,500 would break the trend reversal in place since August.
