Bitcoin Market Echoes Early 2022 as Onchain Stress Mounts: Glassnode

Glassnode's latest weekly report highlights similarities between current market conditions and the early stages of the 2022 bear market, otherwise known as crypto winter. The first metric that suggests stress is the elevated risk of top buyer capitulation. Glassnode's supply quantiles cost basis, which tracks the cost basis of supply held by top buyers, shows that since mid-November the spot price has fallen below the 0.75 quantile and is trading near $96,100. This places more than 25% of BTC supply underw ...