Bitcoin's Bottoming Process 'Ongoing But Not Yet Complete', Glassnode Warns

Bitcoin's bottoming process is ongoing but not yet complete, according to Glassnode's latest on-chain analysis. The report reveals that the cryptocurrency has been trading below the average cost basis of key investor groups for five consecutive months, a historically significant signal of undervaluation.

The firm highlights that Bitcoin's price action remains in an undervalued phase, with selling pressure remaining elevated and no definitive market bottom established yet. Record long-term holder capitulation has reached $280 million per day, indicating extreme market stress.

Glassnode also notes that spot Bitcoin exchange-traded funds (ETFs) continue to experience net outflows, reflecting reduced institutional appetite and a cautious stance among traditional finance participants entering the crypto space.