Glassnode: Bitcoin Realized Losses Reach December 2022 High

On July 9, Glassnode reported that Bitcoin is in the later stages of a bottoming process, with long-term holders continuing to sell at high rates. The realized loss scale is approaching $280 million per day, the highest since December 2022. This indicator needs to compress significantly for the market to credibly shift to a bullish state. Bitcoin rebounded from $58,300 to $64,400 last week but has since fallen back to $62,700, still below the short-term holder cost basis of about $72,200 and the true market average of around $76,600. The net outflow of spot Bitcoin ETFs has narrowed but remains negative.

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