BlockBeats news, on June 9, a Bitfinex analyst released a report stating that the Bitcoin market has transitioned from the "accumulation phase," which drove price increases, to the "distribution phase." Data shows that after strong buying activity from April to May, the cumulative spot volume differential has turned significantly negative, indicating that earlier entrants are consistently selling off their positions as the market weakens, rather than holding or increasing their holdings.
Analysts note that the cost basis of short-term holders has fallen below the real market average of $77,800, indicating that a significant amount of recently invested capital is now underwater, creating new selling pressure with each price rebound. "On-chain and flow data both suggest that the current market is more characterized by distribution than by a typical panic-driven bottom," Bitfinex stated, adding that the overall market remains in a defensive structure until spot demand shows clear signs of recovery.
This assessment aligns with the findings of the latest report from on-chain analytics firm Glassnode. Data shows that recent daily realized losses in the market reached $1.35 billion, approximately $770 million of which stemmed from stop-loss sales by long-term holders. Additionally, the realized profit/loss ratio tracked by Glassnode has dropped sharply from 3.16 on May 7 to 0.29, nearing levels seen during the market panic sell-off in February this year, reflecting a rapid deterioration in market sentiment.