Glassnode said in its weekly on-chain report that flagged large entities currently hold around 4.90 million bitcoins, equivalent to 25% of the supply in circulation. Of these entities, CEX and ETF custodians account for the largest proportion. After the German government sold all of its bitcoin holdings, there appears to be a short-term relief from sellers and a renewed inflow of demand to support the market. Market profitability remains very strong, and most bitcoin supply remains on a favorable cost basis, below current spot prices.