According to TechFlow on June 11, Glassnode said in its latest weekly report that Bitcoin’s decline to near $60,000 has increased the pressure on short-term holders. The report stated that more than 95% of short-term holders are now in an unrealized loss position, while realized losses have accelerated. Glassnode described the market as moving further into a deeper phase of capitulation.
Institutional Demand and Treasury Buying Slow
The report said demand from U.S. institutions has weakened noticeably, while the Coinbase premium has remained in discount territory. At the same time, corporate treasury buying has slowed sharply since June. Glassnode placed these developments alongside the deepening losses among short-term holders as part of the current pressure facing the Bitcoin market.
Glassnode also noted that after BTC broke below key support, the move triggered large-scale liquidations of leveraged long positions. In the options market, implied volatility rose and demand for downside protection increased. Although valuation has entered a historically deep discount zone, Glassnode said the demand recovery associated with a durable bottom has not yet appeared.