**[Bitfinex Report: Bitcoin Enters Distribution-Dominated Phase, Unrealized Losses Create New Selling Pressure During Rebounds]** BlockBeats News, June 9 — Bitfinex analysts 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 trading volume difference has turned significantly negative, indicating that investors who entered earlier are continuously selling during the market's weakening phase rather than holding or increasing their positions. Analysts pointed out that the cost basis for short-term holders has already fallen below the realized market average of $77,800, meaning a large amount of recently entered capital is now in an unrealized loss position, creating new selling pressure during each price rebound. "On-chain and capital flow data both indicate that the current market is more characteristic of a distribution-dominated phase rather than a typical panic-driven bottoming out," Bitfinex stated. The report added that the market as a whole remains in a defensive structure until spot demand shows a clear recovery. This assessment aligns with the latest report from on-chain analytics firm Glassnode. Data reveals that the market has recently realized daily losses of $1.35 billion, with approximately $770 million stemming from stop-loss selling by long-term holders. Additionally, the realized profit-to-loss ratio tracked by Glassnode has plummeted from 3.16 on May 7 to 0.29, nearing levels seen during the panic sell-off in February this year, reflecting a rapid deterioration in market sentiment. [Original Link]