Glassnode: Long-Term Holders Resume Bitcoin Accumulation, But Market May Still Need to Go Through Final Shakeout

BlockBeats News, July 3rd, Glassnode's latest weekly report stated that despite Bitcoin breaking below $60,000, spot ETF outflows continuing, and options market showing an increase in hedging sentiment, on-chain data indicates that Long-Term Holders (LTH) have re-entered the accumulation phase. Various wallet addresses are now turning towards absorbing selling pressure, signaling that patient capital is gradually absorbing market sell-offs.

Currently, about 10.83 million Bitcoins are in a state of unrealized loss, higher than the approximately 9.22 million Bitcoins in a profitable state, reflecting significant market pressure as chips are gradually shifting to high-conviction investors. Meanwhile, the U.S. spot Bitcoin ETF continues to experience continuous net outflows, indicating that institutional risk appetite has not yet recovered; Coinbase's order book buy-side has significantly strengthened, showing that institutions are progressively providing liquidity and rebuilding market support.

In derivatives, Hyperliquid leveraged traders continue to increase their long positions, which may lead to a market rebound or a rapid surge. However, breaking below a key support level could also trigger a new round of long liquidations. Deribit's options Gamma structure is starting to stabilize the market, helping to reduce volatility. Demand for put options remains high, indicating that investors are still leaning towards a defensive stance.

Bitcoin is gradually transitioning from the distribution phase to the accumulation phase. The foundation for long-term recovery is taking shape, but before the trend truly reverses, the market may still undergo a final round of shakeout triggered by macroeconomic factors or leverage liquidation.