[Bitcoin Long-Term Holders Intensify Selling, On-Chain Data Points to Late Bear Market Bottoming Phase] According to The Block, Bitcoin has remained below the 'realized market value' (approximately $76,600) and the short-term holder cost basis (approximately $72,200) for five consecutive months, entering a historically rare 'deep value' zone. Glassnode data shows that the proportion of long-term holder loss-driven selling in the on-chain realized value has risen from 15% in February to about 43%, with a single-day realized loss peaking at $280 million, the highest since December 2022. During the same period, spot Bitcoin ETFs shifted to net outflows since mid-May, with the 30-day average daily net outflow reaching as high as $193 million in early June, now narrowing to about $89 million. Although positions in options and perpetual contracts are overall 'deleveraging and slightly bullish,' there are no clear reversal signals yet in on-chain and institutional capital flows.