According to CoinGecko data, Bitcoin was trading in the red zone at $35,805, down more than 10% in the last 24-48 hours.
Glassnode also noted that the overall BTC supply, which had not been active in five to seven years, had increased from roughly 660K on April 1 to around 682K on May 6.
According to new Glassnode statistics, the number of expended outputs with a lifespan of three to six months hit a monthly high.
Because the BTC ratio is closer to the lower end of the 1-3.5 range, it suggests that the token is in a bear market and is currently being held at a loss.
The decline of the king token has not only harmed its stability as a safe investment, but it has also made countries wary of continuing to invest in the token.