Glassnode said in its weekly on-chain report that large entities are currently holding about 4.9 million Bitcoins, equivalent to 25% of the circulating supply. Of these entities, CEXs and ETF custodians account for the largest proportion.
After the German government address sold all of its Bitcoin holdings, there seems to be a short-term relief for sellers and a renewed inflow of demand to support the market.
Market profitability remains very strong, and most Bitcoin supply remains on a favorable cost basis below the current spot price.