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Glassnode: Long-Term Holders Resume Accumulating Bitcoin, but Market May Still Face Final Liquidation Round

AirdropBlackHole
On July 3, Glassnode's latest weekly report indicated that despite Bitcoin dropping below $60,000, with continued outflows from spot ETFs and rising risk aversion in the options market, on-chain data shows that long-term holders (LTH) have re-entered the accumulation phase. Various wallet addresses are synchronously shifting towards accumulation, indicating that patient capital is gradually absorbing market selling pressure. Currently, approximately 10.83 million Bitcoins are in a state of unrealized losses, compared to about 9.22 million Bitcoins that are in profit, reflecting that the market is still under significant pressure, with chips gradually shifting towards high-confidence investors. Meanwhile, the U.S. spot Bitcoin ETF continues to experience sustained net outflows, and institutional risk appetite has yet to recover. Coinbase's order book shows a noticeable increase in buy orders, indicating that institutions are gradually providing liquidity and rebuilding market support. In the derivatives market, Hyperliquid leveraged traders are continuously increasing long positions, which could lead to a rapid rise if the market rebounds; however, a breach of key support could trigger a new round of long liquidations. The Gamma structure of Deribit options has begun to stabilize the market, helping to reduce volatility, while demand for put options remains high, indicating that investors overall still lean towards a defensive stance. Bitcoin is gradually transitioning from the distribution phase to the accumulation phase, with a long-term recovery foundation beginning to form, but before a true trend reversal occurs, the market may still experience a final round of liquidation driven by macro factors or leveraged liquidations.
BTC1.07%
HYPE5.66%
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