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Glassnode Glassnode @glassnode · 44.1K subscribers
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The Week On-Chain 29, 2024
The Bitcoin market recently absorbed over 48k BTC in sell-side sourced from the German Government. With Mt Gox distributions also on the horizon, we examine these major sell-side forces, as well as the role ETFs have on price action.

Executive Summary
- Large labelled entities currently hold approximately 4.9M BTC, which is equivalent to 25% of the circulating supply. Amongst these entities, centralized exchanges and ETF custodians account for the largest portion.
- Following the complete exhaustion of BTC sell-side by the German Government, there appears to be near-term sell-side relief, as well as renewed inflows of demand to support the market.
- Market profitability remains remarkably robust, with the majority of the coin supply still held at a favourable cost basis, and below the current spot price.

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