📊👀 #BTC Glassnode: On-chain metrics indicate that BTC is significantly undervalued compared to the average cost base for investors, and continuous loss realization indicates that the bear market is firmly entrenched. At the same time, outflows from ETFs and a defensive stance in the options markets highlight the lack of broad risk appetite among institutional investors and derivatives market participants.

Meanwhile, the first signs of stabilization are observed. Flows on Coinbase have turned positive, short-term holder costs are decreasing, and most of the recent weakness was driven by spot market sellers rather than excessive leverage. Although these events do not signal an imminent reversal, they are consistent with the early stages of a bottoming process.