Glassnode's market articles always list a bunch of facts, which honestly can feel a bit tiring to read. It’d be better if they added some subjective analysis, but I guess the writers don’t dare to be too straightforward. With spot demand and ETF inflows weakening, Bitcoin has fallen below a key cost basis model. The derivatives market is also sluggish, with open interest declining, funding rates dropping to cycle lows, and options being significantly repriced downward. Implied volatility is rising, and strong demand for put options indicates the market is shifting into defense mode.