Glassnode indicates that Bitcoin is in the late stages of the bottoming process, but long-term holder capitulation-style selling remains elevated. The realized losses have recently peaked at around $280 million per day, the highest level since December 2022. Glassnode says this metric needs to be clearly compressed before the market can credibly shift back to a bull market state. After rebounding last week from $58.3k to $64.4k, Bitcoin pulled back to $62.7k, still below the short-term holders’ cost basis of about $72.2k and the True Market Mean (true market mean) of about $76.6k. Spot Bitcoin ETF net outflows have narrowed, but they remain negative. (CryptoSlate)