glassnode analysis shows that BTC has fallen about 8%, with the price now below the cost basis of short-term holders (STH) at $92,500, a level that typically marks the boundary between a local bull and bear market. The current STH MVRV is 0.96, indicating short-term holders are facing around 4% in paper losses. Historical data suggests the price often tests below the cost basis of short-term holders, which is currently in the range of $71,000 to $72,000. If the downtrend continues, this could increase the potential for bearish control of the market. The BTC cost basis distribution shows the last demand zone is at $87,000 to $89,000, and a break below this range could exacerbate selling pressure.