Bitcoin On-Chain Market Structure Signals Prolonged Adjustment as Price Fails to Hold $113K and Eyes $88K Realized Price Amid Fed Risk

Glassnode’s October 30 market insight shows that the on-chain market structure remains in a phase of adjustment and realignment, signaling a transitional backdrop for Bitcoin and the broader crypto ecosystem.

Bitcoin has not managed to sustain above the short-term holders’ cost basis, underscoring waning momentum and ongoing selling pressure from both short-term and long-term investors.

The persistence of high decentralization among long-term holders and continued exchange outflows imply demand is nearing saturation, suggesting a longer consolidation period to rebuild confidence, with upside contingent on renewed accumulation.

Until long-term holders resume accumulation, upside remains limited. The market sits around the $113,000 short-term cost basis, a key battleground likely to shape the next move; reclaim could target the realized price near $88,000.

Historical notes from the analysis emphasize that Fed policy actions could reintroduce volatility; the current calm is conditional and may turn fragile if policy surprises materialize.