[Glassnode: Bitcoin Drops to Around $60,000, Market in Deep Capitulation Phase] The Glassnode weekly report shows that Bitcoin has dropped to around $60,000, with 0.95 of short-term holders in an unrealized loss position. Realized losses are accelerating, and the market has entered a capitulation phase. Demand from U.S. institutions has weakened, Coinbase premiums are in a discount range, and corporate treasury purchases have slowed since June. BTC breaking below key support levels has triggered liquidations of leveraged long positions, while implied volatility in the options market has risen, and demand for bearish protection has increased. Glassnode notes that valuations have entered a historically deep discount range, but a recovery in demand associated with a sustained bottom has yet to emerge.