Data: Bitcoin is still in the late stage of bottoming out, with selling pressure from long-term holders and net outflows from ETFs not yet alleviated

Glassnode's latest weekly report points out that Bitcoin has been continuously operating below the real market average and the cost basis of short-term holders for the past five months, remaining in a deep value range. This indicates that while the market bottoming process is progressing, it has not yet been completed.

On-chain data shows that long-term holders' realized losses account for 43% of the total realized value, with the recent daily average realized loss peak rising to $280 million, the highest level since December 2022, indicating that selling pressure has not significantly eased.