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

MarsBitNews
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Mars Finance News, on June 11th, Glassnode released the Market Weekly Report indicating that Bitcoin continues to show signs of later-stage correction, with recent buyers experiencing significant losses and realized losses remaining high, while several major demand sources have sharply weakened. The Bitcoin price dropped near $60k, triggering a significant deleveraging event that cleared a large amount of speculative positions in the market. Although this helps reset leverage levels, spot demand has not yet shown a substantial recovery. The options market still maintains a defensive stance, with implied volatility remaining high, strong demand for downside protection, and traders' positions concentrated near the current spot levels. Additionally, with declining institutional participation and slowing corporate bond accumulation, these data suggest risk appetite remains subdued. Overall, the market seems to be further entering a capitulation phase. Although leverage has been largely reset and valuation metrics have reached historic lows, the demand responses typically associated with long-term market lows have not yet appeared.
BTC1.76%
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