Breaking: Glassnode Bitcoin Market Now Mirrors Early‑2022 “Crypto Winter” Conditions
According to Glassnode’s latest analysis, over 25% of all BTC supply is now “underwater” or unprofitable, a mark that echoes what the market looked like in the early part of 2022. Meanwhile, on‑chain data shows that Bitcoin has fallen below a key cost‑basis quantile (0.75 quantile), placing more than a quarter of supply in loss a structural configuration that preceded the 2022 bear market.
But it’s not just prices. Demand signals are weakening too with spot and ETF fund flows cooling, futures open interest dropping, and risk‑appetite indicators showing a clear downturn. Add to that reduced volatility in the options market and aggregations of unrealized losses near previous cycle‑bottom levels, and it’s starting to look like the early stirrings of a renewed “crypto winter.”
For investors and traders, this signals caution unless there’s a surprising influx of demand or a change in macro conditions, Bitcoin’s near‑term outlook could remain fragile.
