Glassnode: Bitcoin Remains in Deep Value, but Bottom Confirmation Signals Are Still Missing According to Glassnode, Bitcoin has traded below the True Market Mean of $76,600 and the short-term holder cost basis of $72,200 for about five months, keeping it in deep value territory while a confirmed bottom has yet to form. On-chain data shows long-term holder loss realization has risen from 15% of total realized value in early February to 43%, with daily realized losses peaking at $280 million, the highest level since December 2022. ETF outflows have narrowed from $193 million to $88.9 million per day but remain negative, while daily ETF trading volume of $650 million to $950 million is about 80% below the October 2025 peak, suggesting institutional demand has not stabilized. In derivatives, the options open-interest put/call ratio has fallen to 0.56, its 2026 low, indicating reduced short demand, though options skew still reflects demand for downside protection. Glassnode said Bitcoin may be in the later stage of a bear-market bottoming process, but confirmation would require cooling long-term holder selling pressure, stabilization in ETF flows, and a recovery above key cost-basis levels.