Glassnode: Bitcoin is still in the late bottoming phase, with selling pressure from long-term holders and net ETF outflows not yet eased.

Shenchao TechFlow news, July 9, Glassnode's latest weekly report indicated that Bitcoin has been trading below the realized market average and short-term holder cost basis for the past five months, still in a deep value range, showing that the market bottoming process, while ongoing, has not yet been completed. On-chain data shows that long-term holder realized losses account for 43% of total realized value, with the recent daily realized loss peak rising to $280 million, the highest level since December 2022, indicating that selling pressure has not yet significantly cooled.

On the off-exchange front, although the outflow of funds from U.S. spot Bitcoin ETFs has slowed from its peak in June, overall it still maintains a net outflow, and the average daily trading volume is only between $650 million and $950 million, about 80% lower than the peak in October 2025, reflecting that institutional demand has not yet recovered. On the derivatives side, market positions have turned cautiously bullish, but the option skew structure still shows investors continuing to price in downside risk. The report believes that to confirm the market entering a more constructive phase, it is still necessary to see further easing of selling pressure from long-term holders, stabilization of ETF flows, and a continued recovery of price above key cost levels.