Bitcoin's price has dropped close to $60,000, marking a deeper phase of market capitulation, according to Glassnode's latest report. The analysis reveals that over 95% of short-term Bitcoin holders are experiencing unrealized losses, with realized losses also on the rise. The report highlights a noticeable decline in U.S. institutional demand, as evidenced by the persistent discount in the Coinbase premium. Additionally, corporate treasury purchases of Bitcoin have significantly slowed since June, contributing to the current market dynamics.