glassnode: Over 7.8 million BTC are in a state of unrealized loss, with a large amount of selling pressure still to be digested
Glassnode data shows that the current Bitcoin price is around $76,700, with over 7.8 million BTC still in a state of unrealized loss.
Glassnode points out that there is still a huge surplus of supply from buyers near the cycle high, and the market needs to fully digest this selling pressure in order to form a structurally sustainable upward trend.
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