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Glassnode Glassnode @glassnode · 44.2K subscribers
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Demand Exhaustion Update

The 24HR-SMA of Net Realized P&L peaked at $17M/hr before price lost momentum and contracted back below $70k.
Profit-taking at this threshold continues to absorb upside momentum, a pattern now observed across multiple rally attempts.
Broader geopolitical uncertainty appears to be compressing demand depth, limiting the market's capacity to absorb even moderate realization events.

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