[Glassnode: Bitcoin Bottoming Process is Advancing, but Confirmation Signals Have Yet to Appear] Glassnode released a report indicating that Bitcoin remains in a deep value zone after spending five months below the realized market average and the cost basis of short-term holders. Long-term holders' realized losses account for 43% of total realized value, peaking at $280 million per day, the highest since December 2022. ETF net outflows have eased from the June peak but remain net outflows on a monthly basis, with daily trading volumes ranging from $650 million to $950 million, down approximately 80% from the October 2025 peak. Derivatives positions have cautiously shifted toward longs, with the put/call ratio at its lowest level since 2026, though the options market remains defensively skewed. Spot prices are far below the maximum pain point of $66,000.