According to BlockBeats, on October 10, Glassnode analysts said that despite the volatility of Bitcoin prices, recent Bitcoin market activity reflects a certain degree of resilience. They added that the decline in this bull market cycle is relatively small and continues to follow the pattern observed in the previous market uptrend.

Wednesday's Glassnode Onchain Newsletter said that despite the recent pullback, the overall structure of the Bitcoin market remains consistent with historical bull markets, reflecting both the resilience of demand and the limited size of the recent correction. The report emphasized that although Bitcoin has experienced adjustments, these adjustments have been much milder than in previous cycles.

"The maximum drawdown was somewhat smaller than typically seen in previous bull runs," the analysts wrote, suggesting that demand-side dynamics played a role in mitigating deeper declines. Two key metrics highlighted by Glassnode are the True-Market Mean and Active Investor Price, both of which help estimate the average cost basis of Bitcoin investors in the current market cycle.

The true market mean reflects the average price that all market participants receive for Bitcoin over a period of time; the active investor price, on the other hand, focuses specifically on the average cost basis of investors who have actively traded in recent months.

Since the beginning of the year, spot prices have generally remained above these two levels, with only brief exceptions. This suggests the presence of a strong support base that helps stabilize the market when prices fall, the report said.