Huoxing Finance reports that Glassnode’s “BTC Market Pulse: Week 32” indicates Bitcoin has recently retraced to approximately $62,600, with weak spot demand and rising defensive sentiment in the derivatives market, yet on-chain activity has strengthened, long-term holder confidence remains firm, and ETF inflows continue to provide market support. The report notes that Bitcoin failed to sustain its rebound following its breakout above $66,000 and has since pulled back from the $65,000 range. Current price action reflects weakening spot momentum, with persistent net selling pressure and low trading activity keeping the market in a consolidation phase lacking clear breakout catalysts. In the derivatives market, overall open interest has declined, but perpetual contract funding rates have risen, and active selling volume has eased. The options market remains defensively oriented, with 25 Delta skew widening, signaling increased demand for downside protection, while speculative open interest continues to decline. The ETF market has shown improvement, with net inflows and trading volumes both rising over the past week, indicating institutional investors are reallocating capital through regulated channels. On-chain data reveals that Bitcoin network activity has significantly increased, with daily active addresses and entity-adjusted transaction volume both breaking above the upper bounds of their historical ranges, suggesting higher network utilization and economic activity. Additionally, new capital inflows have slightly increased, and outflow pressures have eased. In terms of holding structure, the ratio of short-term to long-term holder supply remains near historical lows, indicating that long-term investors continue to hold strong conviction. However, overall market profitability continues to decline, with the proportion of profitable supply nearing cycle lows, and investor behavior is increasingly characterized by defensive stop-loss actions. Glassnode concludes that the Bitcoin market is currently in a transitional phase: structural support is provided by stable long-term holders, heightened on-chain activity, and recovering ETF demand, but valuation pressures, weak spot momentum, and defensive derivatives positioning continue to constrain market risk appetite.
BTC drops to $62,600 as spot demand weakens, but long-term holders remain resilient
MarsBitShare
Summary
BTC price dropped to $62,600 as spot demand weakened and derivatives markets reflected growing defensive sentiment, according to Glassnode’s latest report. On-chain activity and long-term holder confidence remain robust, supported by continued ETF inflows. BTC failed to sustain above $66,000 and retreated below $65,000, with net selling pressure and low trading volume keeping the market in consolidation. Open interest has declined, but funding rates rose and sell-side pressure eased. Options markets show increased demand for downside protection. ETF flows improved, with higher inflows and trading volume, indicating strengthened institutional interest. On-chain data reveals rising network activity and new capital inflows. Long-term holders remain resilient, though profit supply is nearing historic lows. The market remains in transition, with structural support present but limited risk appetite. Altcoins to watch may experience movement if BTC price stabilizes.
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