COINOTAG reports that Glassnode’s latest on-chain analysis places the short-term holder cost basis at $111,400, a level the firm identifies as a key battleground between accumulation and distribution. Persistent transaction activity below this threshold may signal a structural shift in market dynamics, consistent with a move toward a medium to long-term bearish outlook. Analysts say such a pattern typically reflects pressure on realized prices and elevated selling from recently acquired positions, impacting liquidity and price discovery. Market participants are advised to weigh multiple on-chain indicators and liquidity metrics for confirmation rather than relying on a single datum when adjusting risk exposure or position sizing.