Bitcoin Stabilizes Near $60,000 as Defensive Sentiment Dominates, Spot ETF Turns to Losses

According to Glassnode's weekly market summary on June 29, Bitcoin stabilized near $60,000, but market sentiment remains defensive. Spot markets are consolidating with persistent net outflows, while liquidity is primarily used for distribution rather than accumulation. U.S. spot ETFs have turned to unrealized losses overall and continue experiencing net outflows as institutional investors decline to add positions.

Derivatives markets show ongoing deleveraging, with traders favoring downside hedges over directional bets. Funding rates remain subdued, and order flow across spot and derivatives markets reflects caution. Market recovery would require a significant return of buyer confidence.