Bitcoin remains in a structural deadlock, with its price caught between the real market average of approximately $79,200 and the realized price of around $55,000, according to Glassnode analysis. The demand corridor between $60,000 and $72,000 is absorbing selling pressure, but significant unrealized losses in the $82,000 to $117,000 range pose resistance to upward movement. Short-term holders are experiencing negative profitability, reflecting fragile buyer confidence. Institutional fund flows have shifted to net outflows, indicating a risk-averse stance among institutions. Spot trading volumes spiked during recent sell-offs but lacked sustained momentum, suggesting passive market participation. Additionally, perpetual contract open interest has decreased, and directional premiums have compressed, signaling a retreat of leveraged traders. Implied volatility and skewness indicators point to continued demand for downside hedging, consistent with a defensive market posture.