Glassnode analyst: Bitcoin market pressure is evident, profit-taking by long-term holders slows down

The chief research analyst of Glassnode, CryptoVizArt, stated that the market weakness warned about in November has largely materialized, and it is now necessary to reassess these signals and reevaluate the overall market structure. The excessive selling by long-term holders (LTH) continues to put pressure on the market's absorption capacity.

Since Bitcoin's price broke through the historical highs of 2021-2022, long-term holders have realized profits of approximately 3.8 million Bitcoins. However, the selling pace of long-term holders has recently slowed down, and the continued cooling of this profit-taking activity is a key prerequisite for forming a lasting bottom.

Currently, the scale of unrealized losses has stabilized at over 5% of the total market capitalization, marking the highest pressure level of this cycle to date. Despite the significant pressure, it remains far below the extreme loss conditions seen during deep bear markets, such as during the FTX collapse. In the current price range of about $90,000, approximately 20-30% of the Bitcoin supply is in a loss state. This market configuration is very similar to that of the first quarter of 2022—while the market is clearly under pressure, there has not yet been a typical widespread capitulation phenomenon seen in the later stages of a bear market.