[Glassnode: Bitcoin Has Not Fallen Below Realized Price in This Bear Market for the First Time] Golden Finance reported on September 25, citing CryptoBriefing, that Glassnode's report on September 23 revealed that during this bear market, Bitcoin's daily closing price has never fallen below its realized price (the average cost of holding coins across the network). Even the cycle low point in June 2026 remained above this threshold, marking the first occurrence since at least 2017. In contrast, during the bear markets of 2018 and 2022, Bitcoin traded below this line for extended periods. Its NUPL (Net Unrealized Profit/Loss) indicator has remained positive throughout the cycle, also a first for a bear market, indicating widespread losses but with relatively shallow magnitude. Selling pressure has not reached the capitulation levels seen in previous cycles. As of late September, Bitcoin has rebounded above the true market average of approximately $77,000 and is currently trading in the $84,000–$85,000 supply concentration zone. Glassnode identifies the MVRV (Market Value to Realized Value) average price of approximately $96,700 as a key resistance level. Over the past five trading days, U.S. spot Bitcoin ETFs have seen net inflows of approximately $1.3 billion, the largest since early July.