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Glassnode: Bitcoin Vulnerability Intensifying, Structure Still Susceptible to External Negative Factors

Summary: According to Glassnode, as the market retests the low liquidity range below the $114,000 threshold, Bitcoin's frenzy phase is pausing, and the market is undergoing a period of readjustment. Signals from various market sectors indicate that market momentum is cooling, with cautious positions and reduced risk appetite. The reasons for this are mainly threefold: 1. ...

According to Glassnode, as the market retests the low liquidity range below the $114,000 threshold, Bitcoin's frenzy phase is pausing, and the market is undergoing a period of readjustment. Signals from various market sectors indicate that market momentum is cooling, with cautious positions and reduced risk appetite. The reasons for this are mainly threefold: 1. Spot market prices have significantly weakened, with RSI dropping from 47.4 to 35.8, breaking below its low range, indicating the market entering oversold territory. 2. Open interest in the futures market decreased from $45.6 billion to $44.9 billion, suggesting a mild unwinding of positions. 3. Net inflows into the ETF market dropped by 24.9% to $269.4 million, well below the low range, indicating weak institutional demand. In conclusion, the market has shifted from prosperity to reassessment, with oversold conditions and seller fatigue suggesting the possibility of a rebound. However, the vulnerability of the market is intensifying, with its structure still susceptible to external negative factors or delays in demand recovery.

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