Glassnode: Market Remains in Defensive Stance; Sustainability of BTC Rebound Depends on Recovery of Spot Demand
Odaily News Glassnode posted on platform X, stating that Bitcoin has rebounded to $69,000 after a significant downward revaluation. Overall market positioning remains defensive—spot, derivatives, and on-chain indicators all show caution. Whether the rebound can be sustained depends on whether spot demand can recover.
Off-chain signals are stabilizing, but market confidence remains insufficient. Spot and ETF indicators are recovering from lows, while futures and options positioning maintain a defensive posture, indicating cautious participants and persistently weak risk appetite.
On-chain signals are mixed. Although the fundamentals of underlying network activity have strengthened, capital flows and profit/loss conditions continue to weaken, showing that despite improved network participation, market demand remains soft with limited profit-taking opportunities.
When Bitcoin's price was $70,000, the market's unrealized losses accounted for approximately 16% of the total market capitalization. The current market pain shows a similar structural pattern to that observed in early May 2022.
