[Glassnode: Long-term Holders Reaccumulate BTC Amid Institutional Outflows and Defensive Sentiment] Deep Tide TechFlow reports that on July 3, Glassnode's latest weekly report highlighted that after Bitcoin fell below $60,000, market sentiment remains suppressed by the continued net outflows of U.S. spot Bitcoin ETFs, defensive hedging in options, and expectations of macro tightening. However, on-chain data shows that long-term holders have shifted back to accumulation, with multiple wallet size cohorts simultaneously absorbing coins, indicating that some high-conviction capital is gradually taking on the selling pressure. At the same time, more Bitcoin coins have entered an unrealized loss state, reflecting that the market is still in an adjustment phase. The report suggests that Bitcoin may be transitioning from a distribution phase to an accumulation phase, but before a clear bottom is formed, the possibility of volatility driven by liquidation or panic cannot be ruled out.