Bitcoin remains in a late bottoming phase, according to Glassnode's latest report, as it continues to trade below key metrics such as the Realized Market Mean and Short-Term Holder Cost Basis for the past five months. This suggests the cryptocurrency is still in a deep value zone, with the market bottoming process ongoing but incomplete. On-chain data reveals that Long-Term Holder loss realization constitutes 43% of the total Realized Value, with recent daily average loss realization peaking at $280 million. This marks the highest level since December 2022, indicating persistent selling pressure. Additionally, ETF net outflows have not yet eased, further contributing to the current market dynamics.