glassnode: Current Bitcoin Fragility Increasing, Its Structure Still Susceptible to External Negative Factors
BlockBeats News, August 6th, glassnode released a market report pointing out that 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 all indicate that market momentum is cooling off, with cautious holding and reduced risk appetite. The reasons for this are mainly as follows:
1. The spot market has significantly weakened, with the RSI dropping from 47.4 to 35.8, breaking below its low range, indicating the market is entering oversold territory.
2. Open interest in the futures market has decreased from $45.6 billion to $44.9 billion, suggesting a mild unwinding of positions.
3. ETF market net inflows decreased 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 exhaustion implying the possibility of a rebound. However, market fragility is increasing, and its structure remains vulnerable to external negative factors or delays in demand recovery.
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