Bitcoin & Crypto Market Structure: STH Selling Eases, Margin Debt at Record
Glassnode confirms short-term Bitcoin holder profit-taking has normalized after weighing on price post-$85K breakout, while US margin debt hits a near-record $1.48T — a dual signal of easing near-term sell pressure but growing systemic risk.
What we know
An account on X reports that STH-driven exchange inflows (the largest share in a year) that had weighed on Bitcoin since the $85K breakout have now reverted to average yearly levels — removing a key headwind. Meanwhile another account on X flags US margin debt at $1.48T (2nd highest ever, up 21% YTD, 4.5% of GDP — a new record). Another account on X notes crypto has been 'suspiciously quiet' with something building beneath the surface. Another account on X agrees with Arthur Hayes that $HYPE is the most dangerous consensus trade — not for losses, but for severe underperformance vs. other assets.
By the Global Eye 24 desk, with AI assistance. Updated as the story develops. Spot an error? Write to corrections@globaleye24.com.