Wu Says learned from Glassnode’s latest weekly report that after BTC fell below $60,000, it is still in a correction phase. Ongoing outflows from spot ETFs and rising defensive positioning in the options market continue to weigh on sentiment. However, on-chain data shows that long-term holders have already shifted back to accumulation, and multiple wallet cohorts have begun absorbing supply, with the strongest accumulation trend seen in holders of <1 BTC and 100–1000 BTC. Glassnode says that currently about 10.83 million BTC are in a loss position, higher than the 9.22 million BTC that are still in profit, indicating that market pressure remains high, but coins are gradually moving toward more patient capital. Glassnode believes BTC is transitioning from the distribution phase to the accumulation phase, but ETF fund flows, leveraged long positions, and implied volatility suggest that the market may still experience further volatility.