Glassnode: Bitcoin Stabilizes Around $60,000, Market Sentiment Remains Largely Defensive

Odaily news, on-chain data analysis firm Glassnode released its latest weekly market summary, noting that Bitcoin has temporarily stabilized around the $60,000 mark. However, the market exhibits strong defensive characteristics, with a lack of bullish conviction.

The spot market is in a range-bound consolidation phase, with trading activity slightly increasing. Yet, there is persistent net capital outflows, and market liquidity is dominated by distribution, with no signs of large-scale accumulation. The derivatives market continues to deleverage, as traders prioritize downside hedging protection. Willingness to place directional long bets remains low, funding rates stay at depressed levels, and overall risk appetite is weak. Institutional pressure is evident, with US Bitcoin spot ETFs collectively falling into unrealized loss territory, accompanied by continued net capital outflows and subdued institutional appetite for increasing positions.

Glassnode indicates that the current market is undergoing a phase of structural adjustment and capital contraction. The $60,000 level provides only temporary support, with no signs of recovery in spot order books, derivatives positions, or institutional capital. For a sustained upward trend to emerge, a significant restoration of confidence among buyers is required.