Short-term Bitcoin holders deposited 65,200 BTC to exchanges at a loss within 24 hours, valued at $6.08 billion. Data show this occurred as BTC approached $89,000, marking another capitulation wave. The 7-day moving average of realized losses reached $427 million, the highest since November 2022, according to Glassnode.

Solana exhibits a significant on-chain supply gap beneath $144, with the next meaningful demand cluster not appearing until approximately $24, according to analyst Ali Martinez. UTXO Realized Price Distribution data from Glassnode shows sparse accumulation zones between these levels, creating what Martinez characterizes as an "air gap" in support structure. SOL currently trades near $141 after briefly dropping to $135 during recent volatility.

Bitcoin dropped to approximately $98,500 as long-term holders intensified selling activity. Data show investors holding coins for over 155 days have been reducing their supply at an accelerating rate, marking their third major distribution wave of the current cycle. The decline followed Bitcoin's breach of the $100,000 level amid increased profit-taking pressure.

Bitcoin has declined to around $100,200 after giving up gains above $104,000. The Coinbase Premium Gap—measuring the price difference between Coinbase (USD pair) and Binance (USDT pair)—has stayed negative over the past week, indicating sustained selling pressure from Coinbase users, particularly U.S.-based institutional investors, according to CryptoQuant analyst Maartunn.

Bitcoin has fallen below the short-term holder Realized Price of $112,500, increasing the likelihood of further declines toward the Active Realized Price near $88,500, according to Glassnode. The on-chain analytics firm notes that price discounts of this magnitude have historically signaled potential retests of lower structural supports. Bitcoin is currently trading around $103,300, down over 6% in the past seven days.

Ethereum's daily active addresses declined 17% from a July peak of 589,000 to 488,000, while Solana recorded a 30% monthly drop in Q3 2025, according to data from institutional DeFi solutions provider Sentora. The memecoin sector saw sharper contractions, with Pepe's active users falling 85%. The firm characterized the decline as part of a broader six-month altcoin slowdown, with on-chain metrics signaling reduced user engagement across major networks.

Julio Moreno, head of research at CryptoQuant, attributes Bitcoin's recent downward pressure to insufficient demand at elevated price points. The 30-day Apparent Demand metric has turned negative in recent weeks, signaling that buyers are not stepping in to match selling activity from long-term holders. Bitcoin was trading around $103,900 at the time of analysis, down 9% over the previous seven days.

Bitcoin is retesting the 0.85 supply quantile at $109,000, a threshold indicating 85% of circulating supply holds unrealized gains. Holding this level has historically triggered major rallies, while breaching it often leads to declines toward the 0.75 quantile at $98,000, data show. The cryptocurrency briefly dipped below this mark multiple times in recent sessions but recovered each time.

Bitcoin faces a decisive price corridor between $111,000 and $117,000, where concentrated supply clusters define current market dynamics, according to Glassnode data. The lower boundary represents accumulation during recent declines, while the upper level marks purchases near the all-time high. These zones create distinct support and resistance levels that may determine the next major directional move.