According to BlockBeats news on September 2, glassnode released a market analysis stating that as the price of Bitcoin further retreated from its historical high of $107,000, the market is currently above the cost basis of short-term holders. In the spot market, the relative strength index (RSI) has fallen into the oversold zone, with momentum further weakening, while the volume has decreased, reflecting a weakening market confidence. The spot CVD shows that selling pressure has eased, suggesting a temporary stabilization in the market, but overall signals indicate weak demand. The futures market shows cautious position allocation. Open interest has decreased, financing payments have declined, and the perpetual futures CVD has slightly improved, indicating a reduction in leverage and a decrease in bullish sentiment. Traders seem unwilling to expand their risk exposure, highlighting a defensive strategy taken after recent fluctuations. In the options market, due to a decrease in open interest, participation has declined, and the volatility spread has narrowed, indicating complacency in the market. However, the 25 Delta skew has surged above historical highs, highlighting strong demand for downside protection and reinforcing the defensive tendencies of options traders. Overall, the market structure remains fragile, with bearish pressure dominating in spot, futures, and on-chain indicators. ETF inflows provide a temporary buffer, but shrinking volume and declining profitability highlight a lack of market confidence. While a rebound may occur in the short term, overall market sentiment remains defensive, and unless demand grows strong again, the market may continue to consolidate.
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glassnode: The current Bitcoin market structure remains fragile, with bearish pressure dominating.
According to BlockBeats news on September 2, glassnode released a market analysis stating that as the price of Bitcoin further retreated from its historical high of $107,000, the market is currently above the cost basis of short-term holders. In the spot market, the relative strength index (RSI) has fallen into the oversold zone, with momentum further weakening, while the volume has decreased, reflecting a weakening market confidence. The spot CVD shows that selling pressure has eased, suggesting a temporary stabilization in the market, but overall signals indicate weak demand. The futures market shows cautious position allocation. Open interest has decreased, financing payments have declined, and the perpetual futures CVD has slightly improved, indicating a reduction in leverage and a decrease in bullish sentiment. Traders seem unwilling to expand their risk exposure, highlighting a defensive strategy taken after recent fluctuations. In the options market, due to a decrease in open interest, participation has declined, and the volatility spread has narrowed, indicating complacency in the market. However, the 25 Delta skew has surged above historical highs, highlighting strong demand for downside protection and reinforcing the defensive tendencies of options traders. Overall, the market structure remains fragile, with bearish pressure dominating in spot, futures, and on-chain indicators. ETF inflows provide a temporary buffer, but shrinking volume and declining profitability highlight a lack of market confidence. While a rebound may occur in the short term, overall market sentiment remains defensive, and unless demand grows strong again, the market may continue to consolidate.