[Glassnode: Bitcoin Remains in Late Bottoming Phase, Long-Term Holder Selling Pressure and ETF Net Outflows Yet to Ease] Deep Tide TechFlow reports that on July 9, Glassnode's latest weekly report indicated that Bitcoin has been trading below the realized market value and the cost basis of short-term holders for the past five months, remaining in a deep value range. This suggests that while the market's bottoming process is progressing, it is not yet complete. On-chain data shows that losses realized by long-term holders account for 43% of the total realized value, with recent daily realized loss peaks rising to $280 million, the highest level since December 2022, indicating that selling pressure has not significantly cooled. On the off-chain side, although U.S. spot Bitcoin ETF outflows have slowed compared to the June peak, they still maintain a net outflow overall, with daily trading volumes ranging from $650 million to $950 million—approximately 80% lower than the October 2025 peak—reflecting that institutional demand has not yet recovered. In the derivatives market, positions have shifted to a cautiously bullish stance, but the options skew structure still indicates that investors are pricing in continued downside risks. The report suggests that to confirm the market has entered a more constructive phase, it will be necessary to see further easing of long-term holder selling pressure, stabilization of ETF fund flows, and sustained recovery of prices above key cost ranges.