[Glassnode: Bitcoin Still in 'Capitulation Phase,' Current Rebound Should Be Viewed as a Local Bounce During Bottom Formation] BlockBeats News, August 20 — Glassnode released a report today at midnight, stating that Bitcoin's on-chain structure remains in the 'capitulation phase.' The cost basis for short-term holders has dropped to approximately $68,500, below the realized market average of around $75,800. Meanwhile, the peak relative unrealized loss in this cycle is about 25%, significantly lower than the over 60% level seen in previous capitulation phases, indicating that the extent of market losses this time is relatively shallow but more dispersed, potentially requiring a longer period for clearance. Glassnode also noted that the 90-day moving average of the realized profit and loss ratio is currently at 0.75, whereas historically, this indicator typically falls below 0.5 before seller exhaustion occurs. Therefore, true seller exhaustion has not yet emerged. Glassnode further pointed out that until this indicator breaks above 2 again, any price rebound should be considered a local bounce rather than a fundamental shift in market trends. Additionally, the 30-day directional premium in the perpetual contract market, which had sharply turned negative during the recent downturn, has now rebounded significantly and returned to positive territory. This suggests that leveraged traders are once again willing to pay premiums for long exposure, indicating an improvement in speculative risk appetite. However, contrasting with the improvement in the perpetual contract market is the Coinbase Premium Index, which remains consistently negative. This indicates that meaningful demand recovery in the U.S. spot market has yet to occur. [Original Link]