BTC bottoming process is ongoing but not yet complete, says Glassnode

On-chain analytics firm Glassnode noted that Bitcoin continues to be in an undervalued phase, trading below the average cost basis of key investors for the fifth consecutive month. According to Glassnode, the bottom formation process is ongoing but not yet complete. The firm highlighted that capitulation by BTC long-term holders (LTH) has reached an all-time high of $280 million per day, while spot BTC ETFs continue to see net outflows. Although investors in the derivatives market are maintaining long positions, the options market is still pricing in the possibility of further declines.