Glassnode: Bitcoin bottoming process is advancing, but confirmation signals have not yet appeared

CoinFeed July 9 news, Glassnode published a report pointing out that Bitcoin, after being below the true market mean and short-term holder cost basis for five months, is still in deep value territory. Long-term holders' realized losses account for 43% of total realized value, peaking at $280 million per day, the highest since December 2022; ETF net outflows have eased from the June peak, but remain net outflows on a monthly basis, with average daily trading volume of $650 million to $950 million, down about 80% from the October 2025 peak. Derivatives positioning has cautiously shifted to long, with the put/call ratio at the lowest level in 2026, but the options market still maintains a defensive skew, with the spot price far below the max pain point of $66,000.