Bitcoin's price has fallen below the $60,000 mark amid continued institutional fund outflows. However, on-chain data reveals that long-term holders and various wallet cohorts are gradually accumulating coins, with the number of coins in loss exceeding those in profit, indicating a transfer of supply to steadfast holders. The options market displays a defensive posture with rising implied volatility. Overall, the market is in the early stages of bottoming but the floor has not yet been confirmed.
Bitcoin has slipped below the $60,000 level as institutional capital continues to flow out, putting pressure on the market. Yet on-chain metrics show that long-term holders and diverse wallet groups are steadily accumulating coins. The count of coins currently in loss has surpassed those in profit, signaling a shift of supply to committed holders — a typical early sign of a bottom formation.
Meanwhile, the options market exhibits a defensive stance, with implied volatility rising as traders hedge against further downside. Taken together, the market appears to be in the initial phase of bottoming, but the bottom has not been confirmed. Further observation of capital flows and on-chain evolution is required.
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