On September 18th, Glassnode, a cryptocurrency market data research firm, published a post stating that the Bitcoin market is currently experiencing a period of stagnation, with both supply and demand showing signs of inactivity. Over the past two months, Bitcoin's realized market cap has peaked and stabilized at $622 billion. This suggests that most traded coins are close to their original purchase price. Since hitting its all-time high in March, the absolute realized profit and loss has dropped significantly, indicating a decrease in overall buyer pressure within the current price range.

Currently, the wealth held by addresses with coins held for less than a week has fallen to a low liquidity zone, accounting for only 4.7% of the network's total wealth. This highlights the continued tightening of supply, as the majority of coins have an age exceeding one week. One observation is the prevalence of HODL behavior among market participants, leading to a rapid increase in "hodl supply." This indicates an overall tightening of supply on the supply side, as the number of coins available for active trading continues to decrease.