Glassnode: Late November dip created the strongest BTC buying zone of 2025

Bitcoin’s plunge into the low $80,000s in late November has created one of the densest cost base clusters of 2025, creating a powerful potential support zone.

Bitcoin (BTC) fell back to the mid-$80,000s on December 1 after an overnight wipeout wiped about $6,000 off its price on major exchanges.

The pullback has roiled over-indebted traders, but it may have created one of the strongest accumulation zones of the cycle, according to on-chain data from Glassnode and several market analysts.

November Flush builds cluster with a dense cost base of almost $80,000

Glass junction reported that Bitcoin’s decline into the “low-$80,000 region” in late November created a new cost basis cluster, with a thick band of units last moving around the levels now visible on the realized price heatmaps. The company noted that this zone is among the densest on the current chart and could act as a support area that is likely to be defended by recent buyers.

That backdrop set the stage for today’s violent move, which, as detailed by CryptoPotato, saw Bitcoin fall from above $91,000 to below $86,000 within hours, wiping nearly $200 billion from the total crypto market value and dragging majors like ETH below $2,900.

Derivatives data suggests the decline was driven by forced selling rather than a steady stream of spot sellers. Order flow analyst BorisD pointed to approximately $250 million in net long liquidations on Binance alone, noticing that short positions remained largely intact and even grew while long positions were wiped out.

Meanwhile, NovAnalytica marked a $700 million drop in open interest and a long-term strong positioning skew reminiscent of capitulation lows of the past.

Trader opinions are divided

Market watchers on X remain divided on what comes next. Merlin the Merchant argued that 2025 is “a reflection of 2020,” with the November flush and weekend collapse seen as the painful part of a similar pattern and anything below $90,000 called a big opportunity.

You might also like:

Michaël van de Poppe also expected a bottoming pattern that will take time, but Ethereum is expected to outperform once Bitcoin reclaims the $92,000 area later in the month. However, others are more cautious about structural flows, such as Kyle Chassé to claim The “ETF safety net” narrative has been broken, indicating approximately 300,000 BTC sold by large holders in the past 90 days and approximately $2.7 billion in ETF outflows in the past 60 days.

According to him, both whales and Wall Street products have been net sellers since November, undermining the idea of ​​ETFs as constant buyers of last resort. Meanwhile, price data from CoinGecko shows BTC trading around $86,000 at the time of writing, down about 6% on the day and 22% in the past month.