Glassnode: Market Stabilizes Above Short-Term Holder Levels As Momentum And Profitability Improve Amid Cautious Sentiment
In Brief
Glassnode reports that the market is stabilizing above short-term holder levels, with modestly improved momentum and profitability offset by lower volumes, cautious positioning, and sentiment open to short-term rebounds.
Cryptocurrency analytics provider Glassnode published its latest market review, highlighting that Bitcoin remained above the short-term holder cost basis over the past week, fluctuating around $111,000.
In spot markets, momentum showed signs of fragile recovery as RSI approached neutral and Spot CVD strengthened, indicating reduced selling pressure, though overall trading volumes weakened, suggesting cautious participation at current levels.
Futures activity showed stabilization with a modest increase in open interest and a recovery in perpetual CVD pointing to buy-the-dip behavior, while declining funding rates reflected softer bullish sentiment. Options data showed reduced engagement with falling open interest and narrowing volatility spreads, though elevated 25-delta skew indicated continued demand for downside protection, the firm noted.
ETF Flows Slow, On-Chain Activity Mixed, Profitability Metrics Show Modest Gains
Exchange-traded fund (ETF) flows slowed, with modest inflows, muted trading volumes, and a slight rise in ETF MVRV suggesting restrained profit-taking rather than strong accumulation from traditional finance.
On-chain activity was mixed, with active addresses increasing but transfer volumes and fees declining, pointing to subdued network conditions. Capital flows showed limited speculative activity, with realized cap inflows and holder ratios ticking higher but without clear signs of long-term conviction.
Profitability metrics, including supply in profit, NUPL, and realized profit and loss, improved moderately, reflecting cautious optimism.
Overall, Glassnode concluded that the market is stabilizing above short-term holder levels, with improved momentum and profitability tempered by lower volumes, defensive positioning, and a sentiment that remains cautious but open to short-term rebounds if demand strengthens.
At the time of reporting, Bitcoin is valued at $112,676, marking a gain of just over 0.5% within the past 24 hours, with the price ranging between a low of $111,184 and a high of $113,210.
The global cryptocurrency market capitalization stands at $3.9 trillion, reflecting a 0.50% daily increase. Trading activity across the crypto market reached $149.83 billion in the last 24 hours, representing a 28.87% rise. Bitcoin’s market share is currently 57.49%, showing a slight decline of 0.08% over the same period, based on CoinMarketCap data.
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About The Author
Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
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Alisa, a dedicated journalist at the MPost, specializes in crypto, AI, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.
