Glassnode says Bitcoin sellers are showing signs of exhaustion, with its BTC seller exhaustion index entering an extreme zone for the first time in the current bear market, a setup trader Murphy said has historically appeared within broader bear-market bottoming ranges. The firm, however, says a historical bottom is not yet confirmed. It also warned that market conditions remain fragile: spot Bitcoin trading volume is at its lowest level since 2019, ETF net inflows are limited, and continued BTC inflows to exchanges may indicate investors are preparing to sell. Glassnode said Bitcoin is trading between the median realized price of about $63,000 and the short-term holder cost basis of about $68,700, leaving many recent buyers underwater, and warned that a break below the June low of $58,500 could accelerate losses if thin demand and crowded leverage trigger further selling.