Glassnode's Weekly On-Chain Insights study highlights the severity of the recent market decline, linking it to the "correlation-1" event that caused major assets and stocks such as Bitcoin to plunge. According to Glassnode, the event caused the Bitcoin spot price to reach a key psychological level of $51,400 and triggered a significant 11% drop in the unpositioned squaring contract for Bitcoin futures overnight. The report also revealed that only 7% of short-term holder supply remains profitable, a figure not seen since the 2022 FTX crash. This is also more than one standard deviation below the long-term average of the indicator, indicating a significant degree of financial stress among buyers in the near term. In addition, the Glassnode report noted that realized losses spiked significantly, totaling around $1.38 billion. Notably, 97% of these losses were borne by short-term holders, underscoring their vulnerability during downturns. The report noted that this level of realized losses is historically significant, ranking 13th in dollar terms, reflecting widespread investor panic.