Glassnode: Bitcoin Bottom May Be Taking Shape Amid Softer Inflation

Bitcoin's recent price action may be a sign of a bottom forming in the market, according to a report from Glassnode. The top cryptocurrency outperformed both US and European equities after the release of softer June inflation data, which suggests that selling pressure is easing.

The report notes that Bitcoin continues to trade above the average on-chain cost basis of all investors, while remaining below the short-term holder (STH) cost basis near $69,000. Long-term holders have largely stopped realizing profits as recent outflows increasingly sold at a loss, reflecting signs of a late-stage bear market.

Buyers appear to have absorbed much of the selling pressure from June's decline, with Glassnode's Accumulation Trend Score showing broad buying activity across both small and large wallet cohorts. However, the accumulation has since moderated as prices stabilized.