TechFlow reports that on July 03, Glassnode's latest weekly report pointed out that after Bitcoin fell below $60,000, market sentiment remains suppressed by continuous net outflows from US spot Bitcoin ETFs, defensive options hedging, and expectations of macro tightening. However, on-chain data shows that long-term holders have turned back to accumulation, with multiple wallet size groups absorbing supply simultaneously, indicating that some high-conviction capital is gradually absorbing selling pressure.
Meanwhile, more Bitcoin supply has entered a state of floating loss, reflecting that the market is still in an adjustment phase. The report believes that Bitcoin may be transitioning from a distribution phase to an accumulation phase, but before a clear bottom is formed, an increase in volatility driven by liquidations or panic cannot be ruled out.
