Bitcoin has dropped below $60,000 amid persistent institutional outflows. However, on-chain data reveals that long-term holders and multiple wallet cohorts are gradually accumulating, with the count of coins in loss exceeding those in profit, suggesting a shift of supply to steadfast holders. The options market shows defensive positioning, with implied volatility rising, indicating an early bottoming phase that has yet to confirm a final bottom.
Bitcoin's price has slipped below the $60,000 mark, with the market under apparent pressure. Institutional capital continues to flow out, but on-chain metrics tell a different story. Data shows that long-term holders and various wallet groups are steadily accumulating coins. The number of coins currently at a loss exceeds those in profit, signaling that supply is transitioning from short-term speculators to committed holders.
Meanwhile, the options market reflects a defensive posture, with implied volatility rebounding. Overall, the market appears to be in an early bottoming phase. Analysts caution that a final bottom has not yet been confirmed, but the downside may be limited. Investors should monitor on-chain holding trends and macro capital flows in the coming days.
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