According to Odaily, Glassnode's latest weekly on-chain report reveals that large entities currently hold approximately 4.9 million Bitcoins, which accounts for 25% of the circulating supply. Among these entities, centralized exchanges (CEX) and ETF custodians hold the largest share. Following the complete sale of Bitcoin holdings by German government addresses, there appears to be a short-term relief from sellers and a renewed inflow of demand supporting the market.
Market profitability remains robust, with most Bitcoin supply maintaining a favorable cost basis below the current spot price. This indicates that the majority of Bitcoin holders are still in profit, contributing to the overall strength of the market.