A new report by on-chain analytics firm Glassnode analyzes the state of the Bitcoin (CRYPTO: BTC) market, concluding that the long-term holder cohort has entered its distribution phase. What Happened: The report highlights that new capital is being injected into the asset class, driving up the realized cap of holders — the cumulative dollar liquidity “stored” in the asset class — to an all-time high of $540 billion. This compares to the previous all-time high of just below $470 billion from May 2022. Over 44% of Bitcoin’s network wealth is now controlled by coins that are less than three month…