According to the Glassnode analysis report, although the Bitcoin market has pulled back more than 25% from its highs, realized losses have not increased significantly, indicating limited panic. The market has been in a net seller state since mid-2023, but this state has declined over the past few months. When the Bitcoin price fell to a local low of $53,500, the proportion of the coin supply held in unrealized losses surged to about 25%. This brought the Percent Supply in Profit indicator back down to 75% of its long-term average. The analysis pointed out that the bitcoin market absorbed 48,000 BTC that the German government completed the full allocation in the past month. The complete exhaustion of German government selling pressure provided ample relief to the market, while initial signs of new demand stimulated positive price action.