glassnode: Bitcoin is further moving into the surrender phase, with long-term demand yet to materialize
BlockBeats News, June 11th, Glassnode released its market weekly report stating that Bitcoin continues to exhibit characteristics of a late-stage correction, with recent buyers facing significant losses, realized losses remaining high, and several key demand sources experiencing a sharp decline.
The Bitcoin price dropping to around $60,000 triggered a significant deleveraging event, clearing a large number of speculative positions in the market. While this helped reset the leverage levels, spot demand has not yet shown substantial recovery. The options market continues to maintain a defensive posture, with high implied volatility indicating strong demand for downside protection, and traders holding positions concentrated around the current spot level. Additionally, with declining institutional participation and a slowdown in corporate treasury accumulation, these data points suggest that risk appetite remains subdued.
Overall, the market appears to be further moving into a surrender phase. Although leverage has been mostly reset and valuation metrics have reached historical lows, the demand response typically associated with the market's long-term lows has not yet materialized.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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