[glassnode: Bitcoin is further entering the capitulation phase, with long-term demand yet to emerge] BlockBeats News, June 11 — glassnode released its weekly market report, stating that Bitcoin continues to exhibit characteristics of a late-stage correction. Recent buyers have suffered significant losses, realized losses remain elevated, and several major sources of demand have weakened substantially. The drop in Bitcoin's price to around $60,000 triggered a notable deleveraging event, clearing a large number of speculative positions in the market. While this has helped reset leverage levels, there has yet to be a substantial recovery in spot demand. The options market remains defensive, with implied volatility staying high, strong demand for downside protection, and traders' positions concentrated near the current spot price levels. Coupled with declining institutional participation and a slowdown in corporate treasury accumulation, these data points indicate that risk appetite remains subdued. Overall, the market appears to be further entering the capitulation phase. Although leverage levels have largely been reset and valuation metrics have reached historical lows, the demand response typically associated with long-term market bottoms has yet to materialize. [Original Link]