Glassnode: Bitcoin Stabilizes Around $60,000, Market Shows Strong Defensive Sentiment

Odaily reports that on-chain data analysis firm Glassnode has released its latest weekly market summary, indicating that Bitcoin has temporarily stabilized around the $60,000 mark. However, the overall market is characterized by defensive traits and a lack of bullish confidence.

The spot market is in a range-bound consolidation phase with slightly increased trading activity, but capital continues to flow out on a net basis. Market liquidity is primarily driven by distribution, with no signs of large-scale accumulation. The derivatives market continues to deleverage, with traders prioritizing downside hedging protection and showing low appetite for directional long positions. Funding rates remain low, reflecting an overall weak risk appetite. Pressure on institutional participants is significant, with US Bitcoin spot ETFs collectively falling into unrealized loss territory. Capital outflows persist, and institutions show little inclination to increase positions.

Glassnode states that the current market is undergoing a structural adjustment and capital contraction cycle, with only the $60,000 level providing temporary support. There are no signs of a rebound in spot orders, derivative positions, or institutional capital. For a sustained upward trend to emerge, a significant recovery in buyer confidence and capital inflow is necessary.