Bitcoin bottom building in progress as selling pressure from long-term holders hits the highest level since 2022.

Deep Tide TechFlow news, July 9, according to The Block, Glassnode's latest on-chain data shows that Bitcoin has been trading below the true market mean ($76,600) and short-term holder cost basis ($72,200) for five consecutive months, marking one of the longest deep-value ranges in its history. The average daily realized loss of long-term holders reached $280 million, the highest since December 2022, accounting for 43% of the total on-chain realized value.

Spot Bitcoin ETFs saw a net outflow of $84.86 million on July 8, while Ethereum ETFs saw a net inflow of $70.48 million on the same day, marking five consecutive days of positive inflows. In derivatives, the options open interest put/call ratio dropped to 0.56, the lowest since 2026, and perpetual funding rates have remained below neutral levels, with the market showing a cautious bullish bias in positioning. Geopolitically, the US-Iran ceasefire agreement collapsed, and the US Central Command launched retaliatory strikes against Iran. Bitcoin's weekly gain narrowed from 9.4% to approximately 5%.

Analysts point out that the three preconditions for the market to transition into a bull run are the continued cooling of long-term holder selling pressure, stabilization of institutional fund flows, and price reclaiming the true market mean.