According to the analysis by Glassnode, the continuous net seller market condition has seen improvements as of the start of 2023. As the Bitcoin price dropped to a low of $53,500, the supply of coins with unrealized losses surged up to about 25%, leading to a decline in the ratio of profitable supply to its long-term average level of 75%. Notably, within the last month, the market successfully managed to absorb the entire distribution of 48,000 BTC from the German government, indicating that the impact of government selling pressure has essentially ended and contributed to stabilizing market prices. Furthermore, preliminary indications of new demand in the market suggest a promising trend for a price rebound.