BlockBeats News, June 9th, a Bitfinex analyst released a report stating that the Bitcoin market has transitioned from an "accumulation phase," which drove the price up, to a "distribution phase." The data shows that after experiencing strong buying pressure from April to May, the spot volume delta has significantly turned negative, indicating that investors who entered the market earlier are consistently selling off during the market's weakening phase instead of holding or increasing their positions.

The analyst pointed out that the short-term holder's cost basis has dropped below the true market average of $77,800, implying that a significant amount of recent inflow of funds is now in an unrealized loss position, creating new selling pressure on each price rebound. Bitfinex stated, "On-chain and fund flow data both show that the current market is more like a distribution-led phase rather than a typical panic bottom." Bitfinex expressed that until spot demand significantly recovers, the overall market remains in a defensive structure.

This assessment is consistent with the latest report from the on-chain analysis firm Glassnode. The data shows that the recent daily market realized losses have reached $1.35 billion, with about $770 million coming from long-term holders' stop-loss selling. In addition, Glassnode's tracked realized profit-to-loss ratio has dropped significantly from 3.16 on May 7th to 0.29, nearing the level during the market panic sell-off in February this year, reflecting a rapidly deteriorating market sentiment.