According to @glassnode, Mantra experienced a sharp price collapse, dropping below $1 within hours. The on-chain analysis revealed significant changes in exchange flows and holder concentration. A high volume of Mantra tokens moved to exchanges, indicating potential sell-off pressure. Additionally, the concentration of holdings shifted, suggesting a redistribution among wallets. The realized cap metric also showed a decline, reflecting reduced profitability among investors. Furthermore, user activity metrics indicated increased transaction volumes, possibly due to panic selling.

According to Ki Young Ju, retail investors are likely entering the Bitcoin market through ETFs, which operates on a 'paper Bitcoin layer' and does not reflect on on-chain metrics. This method of investment keeps the realized cap lower than if the funds were directly flowing into the blockchain, indicating a significant shift in how retail participation is measured in the cryptocurrency market.

According to Ki Young Ju, despite previously advocating for a bull market over the past two years, current realized cap-based indicators suggest a shift towards a bear market. This change is attributed to a noticeable lack of new liquidity and significant trading volume around the 100K mark.

According to @glassnode, Bitcoin's Realized Cap has absorbed an additional $450 billion in capital since reaching a cycle low of $400 billion in November 2022, now totaling approximately $850 billion. This increase highlights the growing inertia of Bitcoin's valuation, necessitating larger capital inflows to sustain its market cap expansion.