Glassnode: Bitcoin stabilizes around $60,000, market sentiment remains defensively cautious

Odaily Planet Daily News: On-chain data analysis firm Glassnode has released its latest weekly market summary, pointing out that Bitcoin has briefly stabilized around the $60,000 mark, but the overall market is characterized by strong defensive traits and a lack of bullish conviction.

The spot market is in a range-bound consolidation phase. While trading activity has slightly increased, there are continuous net capital outflows. 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. Directional long-position sentiment remains low, funding rates stay at low levels, and overall risk appetite is weak. Institutional pressure is significant, with US Bitcoin spot ETFs collectively falling into unrealized loss territory, experiencing persistent net outflows and a lack of willingness to increase positions among institutions.

Glassnode states that the current market is in a phase of structural adjustment and capital contraction. The $60,000 level provides only temporary support. There are no signs of recovery in spot orders, derivatives positions, or institutional capital flows. To initiate a sustained upward trend, a clear restoration of confidence among buying-side capital is needed.