Bitcoin is trading below $79,000 as on-chain metrics suggest a market reset in early 2026. A joint report by Coinbase and Glassnode highlights that Bitcoin is on firmer ground compared to many altcoins, which are still recovering from last October's selloff. The report notes that excess leverage was flushed out in Q4 2025, leading to a healthier market condition. Key indicators such as the entity-adjusted Net Unrealized Profit/Loss (NUPL) show investor sentiment shifted from "Belief" to "Anxiety" post-selloff. Bitcoin's realized price continues to rise, indicating an increasing market cost basis, with the spot price remaining above it. The Market Value to Realized Value (MVRV) ratio is at 1.5, suggesting Bitcoin trades at a 50% premium to its on-chain cost basis. The report also notes a significant increase in Bitcoin supply movement within the past three months, indicating a high-velocity distribution phase. Additionally, the Puell Multiple fell to 0.9, showing miners earned 10% less than the previous year's average. These metrics collectively suggest a market reset as Bitcoin enters 2026.