Golden Finance reported that Glassnode stated in its weekly on-chain report that large entities have been marked to currently hold about 4.9 million bitcoins, equivalent to 25% of the circulating supply. Among these entities, CEX and ETF custodians account for the largest proportion. After the German government address sold all its bitcoin holdings, there seems to be a relief for sellers in the short term, as well as a re-inflow of demand to support the market. Market profitability remains very strong, and most of the bitcoin supply remains on a favorable cost basis, below the current spot price.