[Glassnode: Recent Crypto Market Sell-Off Driven by Leverage] On October 14, Glassnode stated that during the recent crypto market sell-off, over 90% of Bitcoin supply remained in a profitable state, with losses primarily coming from top-tier buyers. Unlike the FTX and Luna collapses, where profitable supply fell below 65%, this sell-off is not a large-scale market 'capitulation' but rather a leverage-driven structural event.