Glassnode: Bitcoin under $60k but buyers stay cautious

Bitcoin fell below $60,000 to $59,537 and later recovered to about $61,600 by press time. Market capitalization was near $1.23 trillion and 24-hour trading volume around $44.35 billion.

On-chain analytics firm Glassnode reports the decline was driven by spot-market selling rather than a futures-driven leverage unwind. Spot cumulative volume delta fell faster than futures CVD in the days before the drop, open interest stayed subdued, and funding rates remained positive as price declined.

US spot Bitcoin ETFs recorded six consecutive weeks of net outflows totaling roughly $6 billion. Net flows averaged nearly negative $300 million per day at the worst point in June. BlackRock’s IBIT posted the largest single-day redemption of 2026, about $388 million on June 2. On June 23 the ETF complex recorded $39.2 million in net inflows, the first positive daily figure in weeks.

Macroeconomic data and market moves compounded pressure on risk assets. A stronger-than-expected US jobs report in early June pushed money markets to price a year-end Federal Reserve rate hike rather than cuts. Two-year Treasury yields rose to about 4.16%, and the dollar index reached 101.15 on June 23. Equity benchmarks moved sharply lower in parts of the market, with the Nasdaq 100 down about 5% in a session and a semiconductor gauge falling about 10%; Bitcoin tracked those risk-off flows.

Glassnode’s valuation metrics place Bitcoin’s True Market Mean at $77,000 and the on-chain Realized Price at about $53,400. At the reported prices Bitcoin sat roughly 23% below the True Market Mean and above the Realized Price. Glassnode’s 90-day average net realized loss was near $205 million per day.

Supply recently acquired by short-term holders is concentrated between $66,800 and $70,700, with the average short-term holder cost basis near $71,400. Coinbase spot CVD returned to positive territory while Binance’s remained negative. Options markets showed elevated demand for downside protection, with the one-week 25-delta put skew near 24% and the one-month skew near 23%.

Glassnode outlined three near-term scenarios: a recovery if ETF flows stabilize and offshore demand returns; a stall if Bitcoin holds near $60,000 but cannot clear the $66,800–$70,700 overhead supply; or a deeper decline toward the Realized Price near $53,400 if spot selling and ETF outflows resume.