glassnode analyst: Bitcoin market pressure emerges as long-term holders slow down profit-taking sales

Foresight News reported that glassnode Chief Research Analyst CryptoVizArt stated in a post that the market weakness warned about in November has now largely materialized, and it is necessary to reassess these signals and reevaluate the overall market structure. Excessive selling by long-term holders (LTH) continues to put pressure on the market's absorption capacity. Since bitcoin prices broke through the historical highs of 2021-2022, long-term holders have realized profits on approximately 3.8 million bitcoins. However, the pace of selling by 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 pattern.

The current scale of unrealized losses has stabilized at over 5% of the total market capitalization, marking the highest level of pressure in this cycle so far. Although the pressure is significant, it remains far below the extreme loss conditions seen during deep bear markets, such as the FTX collapse period. In the current price range of around $90,000, about 20-30% of the bitcoin supply is in a loss position. This market configuration is very similar to the first quarter of 2022—there is obvious market pressure, but the typical widespread capitulation seen in the later stages of a bear market has not yet occurred.