Coinbase and Glassnode Report Bitcoin Enters Early Constructive Recovery Phase

Bitcoin has transitioned from a bottoming phase into an early constructive recovery, according to a joint market report by Glassnode and Coinbase Institutional. The cryptocurrency traded near $82,344 following inflation-related volatility, sitting roughly 35% below its previous record high of $126,198. The recovery unfolded across the third quarter despite headwinds from Federal Reserve tightening expectations and rising long-term Treasury yields. On-chain data indicates Net Unrealized Profit/Loss returned to the Optimism/Anxiety band without overheating, while supply dormant for over one year expanded. Analysts maintain a constructive outlook, though dense overhead supply near September highs warrants caution.