[Glassnode: Bitcoin Has Not Yet Completed Bottom Formation, Derivatives Market Sentiment Leaning Cautiously Bullish] BlockBeats News, July 9, Glassnode stated that Bitcoin has remained below the key investor cost basis for the past five months and is currently still in the deep value range. The selling scale of long-term holders has peaked; meanwhile, Bitcoin spot ETF fund flows overall continue to maintain net outflows. Derivatives market sentiment is leaning cautiously bullish, but option market pricing still reflects investors' concerns about downside risks. Overall, Bitcoin is in the process of bottom formation but has not yet completed it. [Original Link]