On-chain analytics firm Glassnode analyzed that Bitcoin (BTC) has been trading below the average cost of major investors for five months, indicating an ongoing undervaluation phase. Glassnode explained, "The capitulation (surrender) volume of BTC long-term holders (LTHs) has reached an all-time high of $280 million per day, while BTC spot ETFs continue to see net outflows. In the derivatives market, investors are maintaining long positions, but the options market still prices in the possibility of further downside. The bottom formation process is underway, but it is not yet complete."
