Glassnode: 25% of BTC holders at a loss or break-even, similar to Q1 2022

According to on-chain analytics firm Glassnode, 25% of Bitcoin holders are currently at a loss or in a break-even position. The firm noted that this situation is similar to the first quarter of 2022, which signaled the start of the last major bear market. Glassnode added that with over a quarter of the Bitcoin supply now unprofitable, demand is weakening across the ETF, spot, and futures sectors. The current price is approaching the on-chain cost basis for all non-dormant Bitcoin, excluding miners' holdings. According to the analysis, this price level can mark the boundary between a mild downturn and a more severe bear market.