Glassnode: Late-November Dip Created 2025’s Strongest BTC Buy Zone

Bitcoin’s late-November plunge into the low-$80Ks built one of 2025’s densest cost-basis clusters, creating a powerful potential support zone.

Bitcoin (BTC) slid back toward the mid-$80,000s on December 1 after an overnight wipeout erased around $6,000 from its price on major exchanges.

The pullback has rattled overleveraged traders, but according to on-chain data from Glassnode and several market analysts, it may have carved out one of the strongest accumulation zones of the cycle.

November Flush Builds Dense Cost-Basis Cluster Near $80K

Glassnode reported that Bitcoin’s drop into the “low-$80K region” in late November created a fresh cost-basis cluster, with a thick band of units last moved around those levels now visible on its realized price heatmaps. The firm noted that this zone is among the densest on the current chart and could act as a support area likely to be defended by recent buyers.

That backdrop formed the foundation for today’s violent move, where, as covered by CryptoPotato, Bitcoin fell from above $91,000 to under $86,000 within hours, helping wipe close to $200 billion from total crypto market value and dragging majors like ETH below $2,900.

Derivatives data suggest the slide was driven by forced selling rather than a steady stream of spot sellers. Order-flow analyst BorisD pointed to about $250 million in net long liquidations on Binance alone, noting that short positions remained largely intact and even grew as longs were wiped out.

Meanwhile, NovAnalytica flagged a $700 million drop in open interest and a long-heavy positioning skew reminiscent of past capitulation lows.

Traders Opinions Split

Market watchers on X remain divided on what comes next. Merlijn The Trader argued that 2025 is “mirroring 2020,” framing the November flush and weekend collapse as the painful part of a similar pattern and calling anything below $90,000 a major opportunity.

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Michaël van de Poppe also expects a bottoming pattern to take time but sees Ethereum set to outperform once Bitcoin regains the $92,000 area later in the month. However, others are more cautious about structural flows, with Kyle Chassé claiming the “ETF safety net” narrative has broken, pointing to roughly 300,000 BTC sold by large holders over the past 90 days and about $2.7 billion in ETF outflows in the last 60 days.

In his view, both whales and Wall Street products have been net sellers since November, undermining the idea of ETFs as a constant buyer of last resort. Meanwhile, price data from CoinGecko shows BTC trading around $86,000 at the time of writing, down by about 6% on the day, and 22% over the past month.