Glassnode: Long-term holders are starting to accumulate Bitcoin again, but the market may still need to undergo one last round of consolidation.

According to Mars Finance, Glassnode's latest weekly report on July 3rd stated that despite Bitcoin falling below $60,000, continued outflows from spot ETFs, and increased risk aversion in the options market, on-chain data shows that long-term holders (LTH) have re-entered a buying phase, with multiple wallet addresses simultaneously shifting towards accumulation, indicating that patient funds are gradually absorbing market selling pressure. Currently, approximately 10.83 million Bitcoins are in a loss-making state, higher than the approximately 9.22 million Bitcoins in a profitable state, reflecting that the market is still under significant pressure, and holdings are gradually shifting towards investors with high conviction. Meanwhile, US spot Bitcoin ETFs continue to experience net outflows, indicating that institutional risk appetite has not yet recovered; Coinbase's order book shows a significant increase in buying, showing that institutions are gradually providing liquidity and rebuilding market support. In the derivatives market, Hyperliquid leveraged traders continue to increase long positions, which could drive a rapid rise if the market rebounds, but a break below key support could trigger a new round of long liquidation. The Deribit options gamma structure is beginning to stabilize the market, helping to reduce volatility, while demand for put options remains high, indicating that investors are still generally defensive. Bitcoin is gradually transitioning from a distribution phase to an accumulation phase, and the foundation for a long-term recovery is forming. However, before the trend truly reverses, the market may still experience one last round of shakeouts triggered by macroeconomic factors or leverage liquidation.