TechFlow news, July 9, according to The Block, Glassnode's latest on-chain data shows that Bitcoin has been trading below the Realized Price ($76,600) and Short-Term Holder Cost Basis ($72,200) for five consecutive months, making it one of the longest deep value periods in its history. Long-term holders' daily average realized loss reached $280 million, the highest since December 2022, accounting for 43% of the total on-chain realized value.
Spot Bitcoin ETFs saw a net outflow of $84.86 million on July 8, while Ethereum ETFs had a net inflow of $70.48 million on the same day, marking five consecutive days of positive inflows. In terms of derivatives, the options open interest put/call ratio dropped to 0.56, the lowest in 2026, perpetual funding rates remained consistently below neutral levels, and the market overall showed cautious long positions. In terms of geopolitics, the US-Iran ceasefire agreement collapsed, the US Central Command carried out retaliatory strikes against Iran, and Bitcoin's weekly gain narrowed from 9.4% to approximately 5%.
Analysts pointed out that the continued cooling of long-term holder selling pressure, stabilization of institutional capital flows, and prices reclaiming the Realized Price are the three prerequisite conditions for the market to turn bullish.
