Glassnode: Bitcoin Bottom Not Yet In, Derivatives Market Sentiment Leans Cautiously Bullish

BlockBeats News, July 9th, Glassnode stated in a post that Bitcoin has remained below the key investor holding cost for the past five months and is currently still in the deep value zone. The selling pressure from long-term holders has peaked; meanwhile, overall net outflows are still observed in the Bitcoin spot ETF fund flow. The sentiment in the derivatives market is cautiously bullish, but pricing in the options market still reflects investors' concerns about downside risk.

Overall, Bitcoin is in the process of bottoming out but has not yet completed this phase.