Glassnode Analyst: Bitcoin market pressure is evident, long-term holders' profit selling slows down.

According to Mars Finance, Glassnode's chief research analyst CryptoVizArt stated that the market weakness warned about in November has now largely materialized, and it is time 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, 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 in this cycle so far. Despite the significant pressure, it is still 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 state. This market configuration is very similar to the first quarter of 2022—while the market is under clear pressure, there has not yet been the typical widespread capitulation phenomenon seen in the later stages of bear markets.