BlockBeats news, August 3: Glassnode released the report "BTC Market Pulse: Week 32," stating that Bitcoin recently declined to approximately $62,600, with weak spot demand and rising defensive sentiment in the derivatives market. However, increased on-chain activity, strong confidence among long-term holders, and continued ETF inflows continue to support the market.
The report notes that Bitcoin previously failed to sustain its rebound after breaking above $66,000 and has now retreated from the $65,000 level. Current price action reflects weakening spot momentum, with sustained net selling pressure and lower trading activity keeping the market in a consolidation phase lacking clear breakout momentum.
In the derivatives market, overall open interest declined, but perpetual contract funding rates rebounded, and active selling volume showed some relief. The options market remains defensive, with 25 Delta skew widening, indicating increased demand for downside protection, while speculative open interest continues to decline.
The ETF market showed improvement, with both net inflows and trading volume rising over the past week, indicating that institutional investors are reallocating funds through regulated channels.
On-chain data from Glassnode shows that Bitcoin network activity has significantly increased, with daily active addresses and entity-adjusted transaction volume both surpassing the upper bound of the statistical range, indicating higher network utilization and economic activity. Meanwhile, new capital inflows have slightly increased, and pressure from capital outflows has eased.
In terms of holding structure, the ratio of short-term to long-term holders remains near historical lows, indicating that long-term investors still maintain strong conviction. However, overall market profitability continues to decline, with the proportion of profitable supply approaching a cycle low, and investor behavior is increasingly characterized by defensive stop-losses.
Glassnode summarizes that the Bitcoin market is currently in a transitional phase, with structural support provided by stable long-term holders, increased on-chain activity, and recovering ETF demand; however, valuation pressures, weak spot momentum, and a defensive posture in derivatives continue to limit market risk appetite.