The cryptocurrency market is entering the late stages of its bottoming phase, according to Glassnode.
BTC's price has been below both the realized market price and short-term holder cost basis for five consecutive months, indicating a deep undervaluation zone.
The proportion of realized losses from long-term holders relative to total on-chain realized losses rose to 43%, with daily realized losses peaking at $280 million in December 2022.
Average daily ETF trading volume holds between $650 million and $950 million, roughly 80% lower than the peak during the October 2025 rally. Institutional buying demand has yet to stabilize.
The put/call ratio fell to its lowest point in 2026, but options volatility still maintains a defensive premium, with spot prices below the max pain point.