Glassnode2026-07-16 15:23:44Glassnode says more than 65% of exchange inflows come from long-term holders selling at a lossOn-chain analytics firm Glassnode said more than 65% of tokens moving onto exchanges are currently coming from long-term holders realizing losses, based on its “relative long-term/short-term holder exchange realized profit and loss” metric. The indicator tracks the share of profitable versus loss-making coins sent to exchanges and identifies which holder cohort is driving that flow. According to Glassnode, the current reading matches conditions seen in earlier bear market phases, when long-term holders dominated sell-side activity until that source of pressure was eventually exhausted. The firm said the metric can be used to gauge how strongly long-term holders are anchoring sell pressure in the market. Glassnode added that, until this share begins to contract, structural sell pressure from buyers who entered near the cycle top is likely to remain the main force behind exchange-related capital flows. The statement points to continued selling from underwater longer-term market participants rather than a shift in dominance toward short-term holders.1270
Bitcoin2026-07-01 08:31:19Bitcoin Exchange Inflow Surges 50% Above February Sell-Off Level, SOPR Drops Below 1 Signaling Sustained Loss RealizationCryptoQuant分析师Axel Adler Jr.最新报告显示，比特币交易所30日平均流入量已达12.2万枚，较2月抛售期均值高出约50%，且价格从77,000-78,000美元跌至59,000美元。同时SOPR（支出产出利润比率）30日均值降至0.99，持续低于1关键水平，表明市场处于亏损实现状态。两项指标叠加表明当前回调较2月更为严重，并非短期压力事件而是一轮持续抛售。市场企稳需等待SOPR回升至1以上且交易所流入量回落至年度基线。1280
