Data: Bitcoin is still in the late stages of bottoming out, and long-term holders' selling pressure and ETF net outflows have not abated

Comparing news, Glassnode's latest weekly report indicates that Bitcoin has continued to operate below the actual market average and short-term holder cost basis for the past five months, and is still in a deep value range, indicating that although the market bottoming process is progressing, it has not yet been completed.

On-chain data shows that long-term holders' loss cashing out accounts for 43% of the total realized value. Recently, the average daily loss cashout peak rose to US$280 million, the highest level since December 2022, indicating that selling pressure has not cooled down significantly.