Data: Glassnode: Bitcoin's pullback from recent highs reflects weakening momentum rather than a deteriorating trend
According to ChainCatcher, citing market sources, Glassnode released its weekly market analysis report on Monday, stating that US spot Bitcoin ETF capital flows have sharply reversed, showing strong inflows and indicating that institutions are re-accumulating positions.
Although ETF trading volumes have risen accordingly, increased profitability among holders also brings short-term profit-taking risks. Bitcoin has pulled back from its recent high of $98,000 to just above $90,000. The Relative Strength Index (RSI) has declined but remains above the neutral level, indicating a consolidation phase rather than a deterioration in trend.
Spot trading volume has risen moderately, and the net buy-sell imbalance has broken above the statistical band upper limit, showing that selling pressure has eased significantly, though demand remains fragile. A slight increase in futures open interest reflects cautious rebuilding of speculative activity, while a sharp drop in funding rates suggests reduced urgency among bulls.
The options market continues to price in high uncertainty, with ongoing demand for downside protection. On-chain activity is stabilizing, with both the number of active addresses and transfer volume showing improvement, and network fees rising slightly. The supply held by short-term holders remains high, keeping the market sensitive to price fluctuations.
Overall, Bitcoin is currently in a consolidation phase, but stronger buying power and renewed institutional interest are gradually shifting the market structure toward a more constructive direction.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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