The analytics company Glassnode published a report on the state of the bitcoin market, noting early signs of bottom formation despite falling below $60,000. Long-term holders have resumed accumulation after the distribution period, and small investors and wallets with a balance of 100-1000 BTC are showing maximum buying tendency. However, for the first time since the start of the bull market, more Bitcoin is losing than it is gaining - about 10.83 million BTC bought at a higher price than the current one.

The macroeconomic backdrop remains unfavorable: the Fed maintained its rate for the fourth time in a row, and the market abandoned expectations of policy easing until 2027. Spot Bitcoin ETFs in the US record stable outflows, indicating a reduction in risk by institutions, while Hyperliquid’s credit-backed long positions have peaked. This asymmetry creates the potential for both a sharp rebound in recovery and an accelerated fall in trial support.

Glassnode summarizes: Bitcoin is moving from the distribution phase to accumulation, but this trend needs to be confirmed. The foundation for a long-term recovery is being laid, but the market may have yet to take the final test of resilience before starting a sustained uptrend.

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The material is prepared solely for informational purposes and does not constitute a financial advice or recommendation.