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Glassnode: Bitcoin is further entering the capitulation phase, long-term demand has not yet appeared
Bitcoin's price falling near $60k triggered a notable deleveraging event, clearing out 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 remains defensive, with implied volatility staying high, strong demand for downside protection, and traders' positions concentrated near the current spot level.
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 reactions typically associated with market bottoms have not yet appeared.
(Source: ChainCatcher)