[Glassnode: Over 25% of Bitcoin Supply is in a Loss State, Market Structure Similar to Early 2022] On-chain analytics firm Glassnode reports that over 25% of Bitcoin's supply is currently in a loss state, with the market structure resembling the first quarter of 2022, which marked the early stages of the crypto winter. Glassnode noted that demand in the ETF, spot, and futures markets has weakened, and Bitcoin has fallen to near the 'realized market mean' over the past two weeks, finding support at this level. This level represents the cost basis of non-dormant tokens and typically serves as the dividing line between a mild bearish phase and a deep bear market. Glassnode believes that Bitcoin maintaining the $96,000 to $106,000 range is crucial for stabilizing the market structure and reducing downside risks toward the end of the year.