Glassnode said Bitcoin has spent five months below key investor cost levels, while long-term holders absorbed 43% of realized losses and spot ETF outflows, though easing from early-June peaks, have remained net negative since mid-May.
Bitcoin remains in what Glassnode described as a deep value zone after trading for five months below both the true market mean of about $76,600 and the short-term holder cost basis of about $72,200. The report said long-term holders accounted for 43% of realized losses, up from 15% in February, with daily realized losses reaching $280 million, the highest since December 2022. Spot Bitcoin ETFs have recorded net outflows since mid-May, with the 30-day average daily outflow peaking at $193 million in early June before narrowing to about $89 million. Analysts said the spike in long-term holder capitulation may be consistent with the later stages of a market bottoming process, though investor sentiment has not yet turned decisively constructive.