Since mid-November, BTC has fallen below the 0.75 quantile, putting >25% of supply underwater. This leaves the market in a fragile balance between top-buyer capitulation risk and seller-exhaustion bottom formation. At $93K, price remains highly sensitive to macro shocks until the market can reclaim the 0.75 quantile ($95.8K) and then the 0.85 quantile (~$106.2K). 📉http://glassno.de/3KEPxKM(glassnode)