Glassnode: Bitcoin correction in final stage but bottom unconfirmed

While multiple indicators suggest Bitcoin is entering the final stages of its correction, the capitulation phase is not yet over, and it is too early to confirm a market bottom, according to an analysis by Glassnode. In its weekly report, the on-chain analytics firm noted that the market is exhibiting characteristics typical of a late-stage correction, with recent buyers facing significant unrealized losses and weakening institutional demand. Although the drop to the $60,000 level cleared out excessive speculative demand through large-scale liquidations of leveraged positions, it has not been followed by meaningful spot buying. Glassnode highlighted that low risk appetite persists, evidenced by reduced institutional participation and slower purchasing by companies holding Bitcoin as a treasury asset. The firm concluded that while various metrics indicate Bitcoin has entered a historically undervalued range, the strong recovery in demand typically seen at a market bottom has yet to materialize.