Blockchain analytics firm Glassnode published a market analysis on June 18, 2026, indicating that Bitcoin declined to nearly $60,000 as losses increased and recently acquired holdings came under pressure. The report identifies improving liquidity, stronger passive buying activity, and continued commitment from exchange-traded fund investors as signs the market may be establishing a base. Bitcoin is trading at a 15% discount to the True Market Mean of $77,200, with the Short-Term Holder MVRV metric at 0.90 and the 30-day simple moving average of the Realized Profit/Loss Ratio at 0.53, reflecting ongoing realized losses.
The report states that Bitcoin's Realized Cap fell 1.45% over the past 90 days to $1.07 trillion. The pace of contraction slowed, with the seven-day change standing at -0.18%. Glassnode analysts noted that a return to positive 90-day growth, combined with a recovery above the True Market Mean, would represent important signals of a potential transition toward a more constructive market phase. The Short-Term Holder MVRV metric improved from 0.81 to 0.90 but remains below the break-even level of 1.0.
Glassnode Reports Liquidity Conditions Stabilizing Near $60,000
Liquidity conditions in the spot market improved as passive bid depth returned following Bitcoin's decline toward the $60,000 level. This development reduced dependence on aggressive buying activity and suggests that selling pressure is being absorbed more effectively. Large passive buy orders continue to absorb available supply while aggressive selling activity weakened, pointing to a more patient group of buyers supporting prices near current levels.
In derivatives markets, implied volatility fell significantly while realized volatility continued to rise, pushing the volatility risk premium into negative territory. Market skew retreated from recent extremes, indicating that demand for downside protection eased substantially. Options activity became more balanced, although dealer positioning remains concentrated around the $68,000 negative gamma zone.
Analysts Identify Shift From Forced Selling to Stabilization
According to the researchers, Bitcoin remains in a corrective phase, but several indicators suggest that market dynamics are beginning to change. Evidence points to a gradual shift away from forced selling and toward stabilization. The analysis highlights improving liquidity conditions, rebuilding spot order books, and increasing participation from passive buyers. ETF investors continued to demonstrate relatively strong conviction by extending holding periods rather than significantly reducing exposure.
Options markets remain cautious and demand for downside protection persists, but volatility expectations moderated from previously elevated levels. The market remains vulnerable but appears to be receiving greater support from long-term and patient capital. The ability of Bitcoin to establish a sustainable floor near current price levels is expected to depend on whether strengthening liquidity conditions and selective accumulation can offset ongoing profitability challenges and broader risk-related concerns across financial markets.
FAQ
What did Glassnode report about Bitcoin on June 18, 2026?
Glassnode published a market analysis on June 18, 2026, indicating that Bitcoin declined to nearly $60,000 as losses increased and recently acquired holdings came under pressure. The report identifies improving liquidity, stronger passive buying activity, and continued commitment from exchange-traded fund investors as signs the market may be establishing a base.
Why is Bitcoin trading below the True Market Mean according to Glassnode?
Bitcoin is trading at a 15% discount to the True Market Mean of $77,200, reinforcing the view that on-chain conditions remain within a bear-market environment. The Short-Term Holder MVRV metric stands at 0.90, below the break-even level of 1.0, and the 30-day simple moving average of the Realized Profit/Loss Ratio is 0.53, indicating that realized losses continue to outweigh realized gains.
How did liquidity conditions change near the $60,000 level?
Liquidity conditions in the spot market improved as passive bid depth returned following Bitcoin's decline toward the $60,000 level. This development reduced dependence on aggressive buying activity, and large passive buy orders continue to absorb available supply while aggressive selling activity weakened.
