According to Wu Blockchain, Glassnode mentioned in its latest weekly report that after BTC dropped below $60,000, it remains in an adjustment phase. Spot ETF outflows and the rise in defensive positions in the options market continue to weigh on sentiment. However, on-chain data shows that long-term holders have shifted back to accumulation, with several wallet groups starting to absorb supply. Among them, the accumulation trend is strongest in the <1 BTC and 100–1000 BTC holding groups. Glassnode noted that approximately 10.83 million BTC are currently at a loss, compared to 9.22 million BTC still in profit, indicating significant market pressure. However, the supply is gradually moving into the hands of more patient investors. Glassnode believes BTC is transitioning from a distribution phase to an accumulation phase, but ETF fund flows, leveraged longs, and implied volatility suggest the market may still experience further fluctuations. https://(wublock123.com)/news/glassnode-long-term-holders-accumulate-btc-etf-outflows-63970