BTC spot at $75.7K sits below every key on-chain cost basis except Realized Price.

With Bitcoin trading at $75,700, the current spot price has slipped under three major on-chain reference levels: the Active Investors Mean at $85,000, the Short-Term Holder Cost Basis at $78,900, and the True Market Mean at $78,000. Only the long-run Realized Price — sitting at $54,100 — remains comfortably below spot.

The positioning is notable: short-term holders are now underwater on average, which historically increases sell pressure as that cohort tends to capitulate near their cost basis. The gap between spot and the Active Investors Mean ($9,300) suggests a meaningful portion of recently active supply is in loss.

Realized Price holding well below spot indicates the broader holder base remains in profit — a floor that has historically acted as strong structural support in prior cycle drawdowns.