Glassnode has analyzed the recent cryptocurrency market sell-off, identifying it as a leverage-driven event rather than a large-scale market capitulation. According to the report, over 90% of Bitcoin's supply remained profitable during the downturn, with losses primarily affecting top buyers. This contrasts with past events like the FTX and Luna crashes, where less than 65% of Bitcoin's supply was profitable, indicating a more widespread market capitulation at those times.