"Glassnode 2022 On-chain Analysis Summary: A Cruel Year" The excess liquidity bubble in the era of loose monetary policy in 2020-21 created a record for the total annual realized profits on the chain. Since November 2021, the bear market has been dominant, and the market has retraced more than $213 billion in realized losses. The total supply of stablecoins peaked at $161.5 billion in March 2022, but has since seen massive redemptions of more than $14.3 billion.