On-chain analytics firm Glassnode has pointed out how the current Bitcoin market is reminiscent to the structure from the first quarter of 2022.
Bitcoin Dynamics Are Currently Looking Similar To Early 2022 Bear Market
In its latest weekly report, Glassnode has discussed about how the broader Bitcoin market structure is starting to resemble Q1 2022. First, the analytics firm has shared the data of its Supply Quantiles Cost Basis Model, highlighting price levels that correspond to a certain degree of investor profitability.
In the chart, three supply quantiles are listed: 0.75, 0.85, and 0.95. If Bitcoin trades at the first of these levels, 75% of the supply will be in profit. Similarly, the latter two correspond to 85% and 95% profitability, respectively.
It’s visible in the graph that Bitcoin has recently fallen below all three of these levels, indicating more than 25% of the cryptocurrency’s supply is now underwater. “This creates a fragile balance between the risk
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