[DigitalToday reporter Yoonseo Lee] As bitcoin has given up the $60,000 level, an analysis said on-chain data show the current price is in an undervalued zone.

On June 25 (local time), blockchain media outlet CryptoSlate reported that bitcoin slid to as low as $59,537 overnight and fell below $60,000. It has since been hovering around $59,000. Still, the market has not been actively buying the dip as spot selling, outflows from spot bitcoin exchange-traded funds (ETFs) and a stronger dollar overlap.

On-chain analytics firm Glassnode interpreted the decline as a correction driven by weak spot demand rather than leverage liquidations. In the few days before the drop, spot cumulative volume delta (CVD) deteriorated faster than futures, and open interest stayed low. It also said funding rates stayed positive despite the price fall, making the move closer to a reduction by actual holders.

Fund flows also supported the bearish picture. Spot bitcoin ETFs posted net outflows for 6 straight weeks, and average daily net outflows during June’s correction phase came to nearly $300 million. Cumulative outflows were tallied at about $6 billion. In particular, $388 million left BlackRock’s IBIT on June 2, marking the biggest single-day redemption so far in 2026. The weakening of the buy-the-dip pattern seen in previous selloffs also remained a burden on the market.

The macro backdrop also worked against bitcoin. After strong U.S. jobs data in early June, the market began pricing in the possibility of a year-end policy rate hike. As expectations for rate cuts flipped, the 2-year U.S. Treasury yield rose 12 basis points to 4.16 percent, and the dollar strengthened to its highest level in a year. The Nasdaq 100 fell about 5 percent the same day, and a semiconductor-stock gauge slid 10 percent. With risk assets broadly being avoided, bitcoin also came under pressure.

Valuation indicators signaled the current price has entered a zone below the historical average. Glassnode put bitcoin’s “true market mean” at $77,000. It views the metric as a baseline dividing broader bull and bear markets and assessed that bitcoin has entered a “structural bearish zone”. That means it is trading below the average cost basis of active investors while demand is also weak.

Market losses have yet to ease. The 90-day average net realized profit and loss was about minus $205 million per day, showing loss-taking continues across the market. As a result, bitcoin’s central price band is being pulled more toward the realized price of $53,400 than toward $77,000. Glassnode said $53,400 is currently working more effectively as a lower-bound reference price.

The average purchase price for short-term holders fell to $71,400. Glassnode interpreted that as a constructive early signal that the entry price of recent buyers is declining.

Still, buying has not spread across the market. Coinbase spot CVD turned positive again, but Binance remained negative. That means some institutional buying has flowed in, but overseas market participants are still in wait-and-see mode.

The biggest obstacle to a rebound is short-term holder supply clustered between $66,800 and $70,700. Buyers in that zone are currently sitting on losses, making it likely they will sell near breakeven if prices rebound. Glassnode said whether a real recovery takes hold depends on whether that supply can be absorbed. If $71,400 is regained, it would allow a check on whether money that bought during the downturn is holding. Above that, $77,000 becomes the baseline for revisiting the structural bearish assessment.

The options market also showed defensive sentiment. The 25-delta skew rose again across maturities, with the 1-week measure climbing from about 12 percent to 24 percent and the 1-month measure rising from about 14 percent to 23 percent. That means put options are carrying a higher premium than call options under the same conditions. It signals market participants are paying to hedge against the risk of further declines.

Still, there are some clues to a recovery. Spot bitcoin ETFs recorded net inflows of $39.2 million on June 23. But it is hard to call a trend reversal based on a single day, and the market needs to check whether the pace of outflows is slowing.

The key points to watch are clear. If ETF flows stabilize and buying seen on Coinbase spreads to overseas exchanges, conditions for a rebound could be in place. If spot selling continues and ETF redemptions resume, bitcoin may again test the realized price near $53,400. Glassnode said bitcoin is trading cheaply on major valuation metrics, but for that discount to translate into a rebound, loss-taking needs to ease and the ETF channel must return to providing support.

Waiting for Buyers$BTC has broken below $60K as loss realization, ETF outflows, and defensive options positioning continue to weigh on sentiment. Despite some selective accumulation, broad demand remains absent. Read the full Week On-Chainhttps://t.co/LzHmu6D6vj pic.twitter.com/wv5N2MBJ6j