On May 6, Glassnode’s latest report said that Bitcoin has broken above the real market average ($78,200) and the short-term holder cost basis ($79,100). If it can continue to hold above this range over the coming week, the “deep value phase” since February 2026 may become the shortest-duration period in Bitcoin’s history. The next key resistance level currently sits at around $85,200.

On-chain data shows that the 30-day net realized profit and loss average has turned positive to 0.003% of market cap. Long-term holders’ realized profits have risen to $180 million per day, but they are still clearly below the level of over $1 billion during the peak of this cycle. Meanwhile, realized losses are still as high as $479 million per day—140% higher than the stable range in this cycle. Glassnode believes that continued pullback to below $200 million is needed to confirm a healthier demand recovery.

In terms of liquidity, the 30-day net inflow of US spot Bitcoin ETFs has turned positive again, showing that institutional demand is recovering. At the same time, even as perpetual contract funding rates rise, they still remain negative, indicating that short positions in the market are still heavy. If the shorts continue to be squeezed, it could further drive prices higher.

In addition, around $82,000 there is a concentrated cluster of approximately $2 billion in “Short Gamma” positions, and the market makers’ hedging activity may amplify price volatility. Glassnode believes Bitcoin’s overall trend remains bullish, but the market has entered a more sensitive stage. Without sustained spot buying support, there may be significant sell pressure around $85,000.#Gate广场五月交易分享