On November 25, glassnode released a weekly market analysis report stating that although the current Bitcoin trend is still clearly downward, the recent defense of the mid-80,000 range indicates that if the selling pressure continues to weaken, there may be signs of price stabilization. The spot market is quiet, with weak trading volume and continuous outflow of ETF funds, indicating that the market is transitioning from an aggressive dumping phase to a more orderly de-risking phase. The options market remains defensive, with a higher skew and narrowing volatility spread, suggesting that the market expects future fluctuations to continue, although panic sentiment has eased. On-chain activity remains sluggish. Transfer volume, transaction fee income, and realized capital changes have all slowed, indicating that network operations are relatively calm. Profitability indicators have further deteriorated: unrealized losses and realized profit and loss reflect a deepening of unrealized losses and an increase in the concentration of supply among short-term holders, which aligns with later adjustments. In summary, Bitcoin continues to decline within a controllable range and has now entered a state of deep oversold and high pressure. Although profitability remains under pressure, the slowing outflow of funds, stabilizing momentum, and insufficient accumulation of speculative leverage suggest that the market may be forming an early bottom structure within the range of 84,000 to 90,000.