Golden Finance, Glassnode's weekly on-chain insights report highlights the seriousness of the recent market downturn and attributes it to the "correlation-1" event, which suggests that major assets like BTC and stocks should experience a "big drop". According to Glassnode, the event caused the BTCSpot price to reach a critical psychological level of $51,400, triggering a significant 11% drop in BTC futures contracts for the Position Close contract overnight. The report also shows that only 7% of short-term holder supply remained profitable, a figure not seen since FTX's crash in 2022, indicating a clear financial stress level among buyers below multiple standard deviations of the long-term average. Additionally, Glassnode reported a significant increase of approximately $1.38 billion in realized losses. Specifically, 97% of these losses were covered by short-term holders, highlighting their vulnerabilities during the downturn. The report notes that this level of realized losses is historically significant, ranking 13th in terms of dollar value and reflecting widespread panic among investors.