On July 9, Glassnode said that Bitcoin is in the late stage of its bottoming process, but surrender-style sell-off by long-term holders is still staying elevated. The realized loss volume has recently hit a near-term peak of nearly $280 million per day, the highest level since December 2022.

Glassnode said this metric needs to compress meaningfully before the market can credibly shift back into a bull phase. After Bitcoin rebounded from $58.3k to $64.4k last week, it fell back to $62.7k—still below the short-term holder 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 are still negative. #GUSD年化升至3.8%