News list for " weekly chain"
Glassnode's Weekly On-Chain Insights study highlights the severity of the recent market decline, linking it to the "correlation-1" event that caused major assets and stocks such as Bitcoin to plunge. According to Glassnode, the event caused the Bitcoin spot price to reach a key psychological level of $51,400 and triggered the unpositioned squaring of Bitcoin futures contracts overnight.
Glassnode said in its weekly on-chain report that flagged large entities currently hold around 4.90 million bitcoins, equivalent to 25% of the supply in circulation. Of these entities, CEX and ETF custodians account for the largest proportion. After the German government sold all of its bitcoin holdings, there appears to be a short-term relief from sellers and a renewed inflow of demand to support the market. Market profitability remains very strong, and most bitcoin supply remains on a favorabl...
