#比特币对比代币化黄金 Renowned on-chain analytics firm Glassnode’s latest report has revealed a troubling signal: the current BTC market structure is closely mirroring the script from early 2022.

From a data perspective, the price has already breached the 0.75, 0.85, and 0.95 key supply quantiles, which means that more than a quarter of the market’s holdings are now sitting at an unrealized loss. Even more striking is the total supply in loss—7.1 million BTC—a figure that nearly matches the prolonged consolidation period two years ago and marks a recent high.

The SOPR indicator for long-term holders is also noteworthy. While the value of 1.43 shows that veteran players are still selling at a profit, this return has narrowed significantly compared to the peak periods.

The market now stands at a delicate crossroads: on one hand, top buyers may be facing a crisis of confidence; on the other hand, history tells us that dawn often breaks at the darkest hour. Short-term volatility is inevitable, but the turning point may be closer than we think.