Glassnode: Bitcoin is further entering the capitulation phase, long-term demand has not yet appeared

Glassnode Weekly Report indicates that Bitcoin is entering a capitulation phase, deleveraging has reset leverage ratios, but long-term demand signals have yet to emerge.
(Background summary: Bitcoin fell below $73,000! BlackRock's IBIT lost $733 million in one day, nearly matching the record outflow in history)
(Additional context: Setting a record! The market's "extreme panic" sentiment has persisted for 70 days; MetaMask founder: All-in cryptocurrency is equivalent to gambling)

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• Deleveraging completed, but spot demand has not yet recovered
• Institutional participation declining, corporate accumulation slowing
• Capitulation phase not yet over

Bitcoin's price dropped near $60k, triggering a significant deleveraging wave, clearing out a large amount of speculative positions. On June 11, on-chain data provider Glassnode released the weekly report "Finding a Floor," which states that Bitcoin's adjustment characteristics are deepening, recent buyers are experiencing heavy losses, and major demand sources have weakened significantly.

The report describes the current market condition as a continuation of the "late-stage correction," and highlights three key signals:

Deleveraging completed, but spot demand has not yet recovered

Bitcoin's decline from around $60k has cleared many leveraged positions, resetting the market’s leverage levels. However, spot demand has not kept pace — the options market remains defensive, implied volatility stays high, and demand for downside protection remains strong, with traders' positions concentrated near the current spot levels.

Institutional participation declining, corporate accumulation slowing

In addition to on-chain price signals, Glassnode observes a decline in institutional involvement and a slowdown in corporate Bitcoin treasury accumulation, indicating overall risk appetite remains low. This suggests Bitcoin is currently in a "passive accumulation" phase rather than a rebound driven by active buying.

Capitulation phase not yet over

Glassnode's conclusion is straightforward: "Although leverage ratios have essentially reset and valuation metrics have reached historic lows, demand signals typically associated with long-term market lows have not yet appeared." In other words, the market is further entering a capitulation phase, and true buying signals have not yet emerged.

Considering recent outflows from BlackRock's IBIT of $733 million in one day and Bitcoin dropping below $73,000, Glassnode’s assessment aligns with on-chain capital flows: Bitcoin is still digesting selling pressure, and a bottom has not yet been confirmed.