Bitcoin Long-Term Holders Intensify Selling, On-Chain Data Points to Late Bear Market Bottoming Phase

CoinFeed July 9 news, according to The Block report, Bitcoin has been below the 'True Market Mean Price' (about $76,600) and short-term holder cost price (about $72,200) for 5 consecutive months, in a historically rare 'deep value' zone. Glassnode data shows that long-term holder loss selling accounted for about 43% of on-chain realized value, up from 15% in February, with a single-day loss realization peak of $280 million, the highest since December 2022. Over the same period, spot Bitcoin ETF turned to net outflows since mid-May, with the 30-day average daily net outflow reaching as high as $193 million in early June, now narrowing to about $89 million. Although options and perpetual contract positions overall are 'deleveraging, long-biased', on-chain and institutional fund flows have not yet shown a clear reversal signal.