Bitcoin remains in an on-chain capitulation phase, with spot prices and the short-term holder cost basis of about $68,500 both below the realized market mean of roughly $75,800, Glassnode said in its latest weekly report. The firm said the token is changing hands below the cost basis of recent buyers and the broader active-investor base, reinforcing signs of stress even as losses remain shallower than in past cycles. Relative unrealized losses peaked at about 0.25, well below levels above 0.6 seen in prior capitulation periods, suggesting the drawdown is milder but more dispersed. Glassnode also said a weaker U.S. dollar has failed to boost Bitcoin because rising U.S. 10-year Treasury yields, near 4.7%, and tight financial conditions continue to weigh on price. While gold has climbed above $4,400 and oil has moved into the mid-$80s, Bitcoin has not joined the broader rally in scarce assets and continues to trade like a liquidity-sensitive risk asset.