According to ChainCatcher, Glassnode released a report saying that the market has been in a sideways state since the record high of $73,000 in March. According to its estimates, demand momentum has turned negative since the beginning of May.

Glassnode analyzed the cost basis of short-term investors to examine the funds flowing into the market. In order to analyze the supply side, it refers to long-term holders and finds that the unrealized profits held by this group of people are statistically far from the historical peak. From the consumption behavior of long-term holders, it can be seen that although the consumption of these participants accounts for only 4%-8% of the total consumption, the profits realized through consumption usually account for 30%-40% of the accumulated profits in the bull market. This finding highlights that in the bull market, wealth is concentrated in old coins.