Glassnode Week 13 On-Chain Report is here, summed up in one sentence: 'No catalyst, no range breakout.' Currently, about 8.4 million BTC are in a loss state, the last time this level of loss occurred was in Q2 2022, when BTC dropped from $40K to $17K. According to previous data, the loss scale needs to shrink to 5 million BTC for a chance to exit the bear market. In plain terms: 3 million BTC need to be sold off, or it won't go up.