According to CoinMeta, Wu said that Glassnode reported that while U.S. stocks and gold reached new highs, Bitcoin maintained a low-volatility sideways trend. After a wallet vulnerability led to the theft of approximately 594 BTC, about 119,000 BTC that had been dormant for over a year were transferred within three days. However, only about one-tenth of these coins flowed into exchanges, and no significant selling pressure was generated. Meanwhile, in June, there was a net outflow of approximately 65,800 BTC from U.S. spot ETF, causing Bitcoin's implied volatility to drop to a historical low of around 23%. Glassnode believes that the market is forming a bottom signal through low trading volume and low volatility, but institutional demand has not yet recovered, and the classic bear market bottom has not been fully confirmed.