ChainThink reports that, according to Glassnode, BTC rebounded to the $80,000 range in mid-August but encountered resistance and subsequently declined, currently trading in a range between $83,000 and $86,000.
On-chain data shows that as the price retested May levels, the percentage of profitable supply increased from 65% to 68%, and the short-term holder cost base rose to approximately $71,000, reflecting a reallocation of筹码 and increased potential selling pressure.
The structural support range of $62,000 to $65,000 serves as the primary downside reference. The report also notes that, following a brief relief from Treasury buyback news, the U.S. 10-year Treasury yield rebounded to a cyclical high of 4.8% within eight trading days;
Spot Bitcoin ETFs have seen average daily net inflows of approximately $290 million, but average daily trading volume on the secondary market is only around $3 billion, lower than during previous expansion phases.
In the options market, short-term volatility skew has retreated to a neutral range, with the September 25 quarterly options expiration (open interest of approximately $14 billion) viewed as a key reference point for subsequent volatility and positioning.