Bitcoin has fallen below $60,000 amid continued institutional outflows. However, on-chain data reveals that long-term holders and various wallet cohorts are gradually accumulating coins, with loss-making coins outnumbering profitable ones—indicating a transfer of supply to resolute holders. The options market shows defensive positioning with rising implied volatility, suggesting the market is in an early bottoming phase, though the bottom is not yet confirmed.
Bitcoin has slipped below the $60,000 mark as institutional funds continue to exit, putting surface-level pressure on the market. Yet on-chain metrics tell a different story: long-term holders and multiple wallet groups are steadily accumulating, with the number of coins in loss now exceeding those in profit. This divergence signals a shift of supply from short-term speculators to strong, conviction-driven holders.
The options market reflects a defensive posture, with implied volatility creeping higher. Overall, the market appears to be in the early stages of bottoming formation, though the actual bottom has not been confirmed. The ongoing accumulation by steadfast cohorts provides a potential foundation for a subsequent recovery rally.
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