According to Golden Finance, a Glassnode analysis report shows that although the Bitcoin market has corrected more than 25% from its highs, realized losses have not increased significantly, indicating that panic is limited. The market has been net sellers since mid-2023, but this status has declined over the past few months, with the coin supply held at unrealized losses when Bitcoin price fell to a local low of $53,500. The proportion jumped to about 25%. This has brought the Percent Supply in Profit indicator back to 75% of its long-term average.​

The analysis noted that the Bitcoin market absorbed the German government’s full allocation of 48,000 BTC over the past month. The complete exhaustion of the German government’s selling pressure provided ample relief to the market, while initial signs of new demand stimulated positive price action.