Bitcoin is trading near $86,500, and Glassnode released new reference price levels that distinguish between short-term holders and long-term participants.

CryptoQuant additionally reports that futures open interest has fallen to its lowest level since 2022, indicating reduced positions on the derivatives market.

Key levels from Glassnode

Glassnode published several on-chain reference metrics that map to different investor cohorts and on-chain valuation concepts used by market analysts.

• Average price of short-term holders: $105,500
• Average price for active investors: $87,100
• “Fair” market price: $81,300
• Realized price: $56,000

The realized price represents the average acquisition cost of coins based on their last on-chain movement and is often used as a long-term support reference.

The average price for active investors reflects coins moved more recently than long-term holdings and highlights where engaged market participants are positioned on cost basis.

Derivatives and market context

According to CryptoQuant, open interest in BTC futures has declined to levels not seen since 2022, which reflects a withdrawal of leverage and a reduction of speculative positions.

This contraction of open interest commonly accompanies capital leaving the derivatives segment and can precede a period of price stabilization or the emergence of a new directional trend.

Taken together, Glassnode’s valuation bands and the drop in futures open interest sketch a market environment where price may consolidate around current levels as participants reassess risk.