Glassnode Analyzes Recent Bitcoin Crash as Profit-Driven Event

Glassnode has analyzed the recent Bitcoin selloff, noting its structural difference from past crashes like LUNA and FTX in 2022.

The Bitcoin Percent Supply in Profit indicator measures the percentage of BTC's circulating supply with unrealized gains.
Recently, this metric was over 90%, indicating that most investors were profiting before the latest selloff.
The selloff appeared more profit-driven, with losses mainly affecting top buyers.
In contrast, during the LUNA and FTX crashes, the Percent Supply in Profit was below 65%.
Another metric, Net Realized Profit/Loss, showed deep negative values during past crashes, unlike the recent event.

Glassnode concludes that the recent crash is a leverage-driven event, differing structurally from previous market capitulations.

BTC Price: As of now, Bitcoin trades at $110,400, marking an 11% decline over the past week.