Bitcoin Trades Near $62,500 as Glassnode Says Ground is Ready for Bottom But Awaiting Confirmation

According to Glassnode's latest on-chain analysis, Bitcoin is in a deep value zone but still lacks confirmation signals of a bottom. BTC has been trading below key averages—the Real Market Average of $76,600 and the short-term holders' cost floor of $72,200—for approximately five months, suggesting the groundwork for a bottom is forming, yet a sustained recovery has not yet begun.

Spot Bitcoin ETF daily outflows have declined to $88.9 million from $193 million, though net outflows persist. The options market put/call ratio fell to 0.56, its lowest level this year, indicating reduced demand for short positions. For bottom confirmation and sustained recovery, Glassnode notes that Bitcoin requires improved investor confidence, reduced selling pressure from long-term holders, stabilized ETF inflows, and sustained price recovery above the true market average.