Bitcoin Remains in Deep Value Zone After Five Months Below Key Cost Bases, Glassnode Says

Glassnode said Bitcoin remains in a “deep value” zone after spending five months below its true market mean and the short-term holder cost basis. According to PANews, the report said long-term holders’ realized losses accounted for 43% of total realized value, with losses peaking at $280 million per day, the highest level since December 2022. Glassnode added that ETF net outflows have eased from a peak in June, but remain net negative on a monthly basis. Average daily ETF trading volume was reported at $650 million to $950 million, down about 80% from a peak in October 2025. In derivatives, positioning has shifted cautiously toward longs, with the put/call ratio at its lowest level in 2026. However, the options market still shows a defensive skew, and the spot price remains well below the $66,000 max pain level cited in the report.