Bitcoin has slipped below $60,000 amid persistent institutional outflows. However, on-chain data reveals accumulation by long-term holders and multiple wallet cohorts, with coins in loss now exceeding those in profit – a sign of supply shifting to conviction holders. The options market shows a defensive stance with rising implied volatility. Overall, the market appears to be in an early bottoming phase, though a confirmed bottom has yet to be established.
Price Breaks $60K, Institutional Outflows Continue
Bitcoin has fallen below the critical $60,000 level, with institutional capital continuing to flow out in recent days, pushing short-term sentiment toward caution. Yet on-chain metrics tell a different story: long-term holders (LTHs) and various wallet cohorts are gradually accumulating, and the number of coins in loss now exceeds those in profit, indicating that supply is moving from short-term speculators to conviction holders.
Options Market Defensive, Implied Volatility Edges Up
The options market exhibits a defensive structure, with implied volatility picking up as traders price in potential swings. Combining on-chain and derivatives signals, the current stage can be characterized as an early bottoming zone, but a definitive bottom confirmation awaits more time and data. Whale activity and the divergence in macro capital flows will be key to watch going forward.
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