Glassnode: Bitcoin Late-Stage Accumulation Phase, Realized Loss Reaches Highest Level Since December 2022

BlockBeats News, July 9th, Glassnode stated that Bitcoin is in the late stage of the bottoming process, but long-term holder capitulation selling remains high, with the realized loss reaching a recent peak of nearly $280 million per day, the highest since December 2022.

Glassnode said that this indicator needs to compress significantly for the market to convincingly shift back to a bull market state. Bitcoin rebounded last week from $58,300 to $64,400 before falling back to $62,700, still below the short-term holder cost basis of around $72,200 and the True Market Mean of around $76,600. Net outflows from spot Bitcoin ETFs have narrowed but remain negative.