On-chain analytics firm Glassnode has pointed out how the current Bitcoin market is reminiscent to the structure from the first quarter of 2022. Bitcoin Dynamics Are Currently Looking Similar To Early 2022 Bear Market In its latest weekly report, Glassnode has discussed about how the broader Bitcoin market structure is starting to resemble Q1 2022. First, the analytics firm has shared the data of its Supply Quantiles Cost Basis Model, highlighting price levels that correspond to a certain degree of investor profitability. In the chart, three supply quantiles are listed: 0.75, 0.85, and 0.95. If Bitcoin trades at the first of these levels, 75% of the supply will be in profit. Similarly, the latter two correspond to 85% and 95% profitability, respectively. Related Reading: Ethereum Back At $3,200 As Sharks Show Strong Accumulation It’s visible in the graph that Bitcoin has recently fallen below all three of these levels, indicating more than 25% of the cryptocurrency’s supply is now underwater. “This creates a fragile balance between the risk of top-buyer capitulation and the potential for seller exhaustion to form a bottom,” explained Glassnode. BTC similarly broke below the 0.75 quantile back during the sideways market of early 2022. Another indicator that reinforces the resemblance is the Total Supply in Loss, which measures, as its name suggests, the amount of the Bitcoin circulating supply that’s being held at some net unrealized loss. Below is a chart showing the 7-day moving average (MA) trend in the metric. As displayed in the graph, the 7-day MA Bitcoin Total Supply in Loss hit a high of 7.1 million BTC last week, which is the highest that it has been since September 2023, more than two years ago. The analytics firm noted: The current scale of supply in loss, ranging between 5M–7M BTC, is strikingly similar to the early-2022 sideways market, further reinforcing the resemblance noted above. Finally, the Bitcoin long-term holder Spent Output Profit Ratio (SOPR) also implies that the current market structure is mirroring Q1 2022. This metric tells us, in short, whether the Bitcoin investors holding since more than 155 days ago are selling their coins at a profit or loss. The Bitcoin long-term holder SOPR has witnessed a sharp decline recently, but its value is still above 1, indicating the long-term holders are selling at some net profit. With its current value of 1.43, however, there has been a notable shrinkage in the profit margins of the cohort. Related Reading: Next Key XRP Level Could Be $1.2 If Current Support Fails, Says Analyst It now remains to be seen whether the trends in these indicators mean that the cryptocurrency is on the cusp of a bear market transition like in early 2022, or if a rebound will come before long. BTC Price Bitcoin has seen a slight pullback during the past day as its price has dropped to $91,800. Featured image from Dall-E, Glassnode.com, chart from TradingView.comOn-chain analytics firm Glassnode has pointed out how the current Bitcoin market is reminiscent to the structure from the first quarter of 2022. Bitcoin Dynamics Are Currently Looking Similar To Early 2022 Bear Market In its latest weekly report, Glassnode has discussed about how the broader Bitcoin market structure is starting to resemble Q1 2022. First, the analytics firm has shared the data of its Supply Quantiles Cost Basis Model, highlighting price levels that correspond to a certain degree of investor profitability. In the chart, three supply quantiles are listed: 0.75, 0.85, and 0.95. If Bitcoin trades at the first of these levels, 75% of the supply will be in profit. Similarly, the latter two correspond to 85% and 95% profitability, respectively. Related Reading: Ethereum Back At $3,200 As Sharks Show Strong Accumulation It’s visible in the graph that Bitcoin has recently fallen below all three of these levels, indicating more than 25% of the cryptocurrency’s supply is now underwater. “This creates a fragile balance between the risk of top-buyer capitulation and the potential for seller exhaustion to form a bottom,” explained Glassnode. BTC similarly broke below the 0.75 quantile back during the sideways market of early 2022. Another indicator that reinforces the resemblance is the Total Supply in Loss, which measures, as its name suggests, the amount of the Bitcoin circulating supply that’s being held at some net unrealized loss. Below is a chart showing the 7-day moving average (MA) trend in the metric. As displayed in the graph, the 7-day MA Bitcoin Total Supply in Loss hit a high of 7.1 million BTC last week, which is the highest that it has been since September 2023, more than two years ago. The analytics firm noted: The current scale of supply in loss, ranging between 5M–7M BTC, is strikingly similar to the early-2022 sideways market, further reinforcing the resemblance noted above. Finally, the Bitcoin long-term holder Spent Output Profit Ratio (SOPR) also implies that the current market structure is mirroring Q1 2022. This metric tells us, in short, whether the Bitcoin investors holding since more than 155 days ago are selling their coins at a profit or loss. The Bitcoin long-term holder SOPR has witnessed a sharp decline recently, but its value is still above 1, indicating the long-term holders are selling at some net profit. With its current value of 1.43, however, there has been a notable shrinkage in the profit margins of the cohort. Related Reading: Next Key XRP Level Could Be $1.2 If Current Support Fails, Says Analyst It now remains to be seen whether the trends in these indicators mean that the cryptocurrency is on the cusp of a bear market transition like in early 2022, or if a rebound will come before long. BTC Price Bitcoin has seen a slight pullback during the past day as its price has dropped to $91,800. Featured image from Dall-E, Glassnode.com, chart from TradingView.com

                                                                               Wormhole’s native token has had a tough time since launch, debuting at $1.66 before dropping significantly despite the general crypto market’s bull cycle.                     Wormhole, an interoperability protocol facilitating asset transfers between blockchains, announced updated tokenomics to its native Wormhole (W) token, including a token reserve and more yield for stakers. The changes could affect the protocol’s governance, as staked Wormhole tokens allocate voting power to delegates.According to a Wednesday announcement, three main changes are coming to the Wormhole token: a W reserve funded with protocol fees and revenue, a 4% base yield for staking with higher rewards for active ecosystem participants, and a change from bulk unlocks to biweekly unlocks.“The goal of Wormhole Contributors is to significantly expand the asset transfer and messaging volume that Wormhole facilitates over the next 1-2 years,” the protocol said. According to Wormhole, more tokens will be locked as adoption takes place and revenue filters back to the company.Read more