Bitcoin Bottom Building in Progress


BTC is grinding through the late stages of a bear market bottom.
What’s happening beneath the surface:
1. On-Chain — Heavy LTH capitulation
- Trading below True Market Mean ($76.6k) for 5 months.
- LTH realized losses hit $280M/day — highest since Dec 2022.
2. Off-Chain — Institutional demand stalled
- ETF outflows slowing but still negative (-$88.9M/day).
- Volumes 80% below October 2025 peak.
3. Derivatives — Cautious but defensive
- Put/Call ratio at 2026 low (bullish lean).
- Still paying up for downside protection.
Reversal triggers to watch:
- Sharp drop in LTH selling
- ETF flows turning consistently positive
- $BTC reclaiming & holding $76.6k
Bottom is forming. Full confirmation still pending.
Source: Glassnode
BTC-1.98%
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