Glassnode: Bitcoin Enters the Late Bear Market Compression Phase, with Demand Signals Still Absent

Huoxing Finance reports that on August 13, Glassnode released a market analysis stating that Bitcoin is currently trapped between the median realized price (approximately $63,000) and the short-term holder cost basis (approximately $68,700), with spot trading volume reaching its lowest level since 2019, indicating the market is in an extremely quiet compression phase. Despite core inflation falling to 2.5% in July and equities hitting new highs, Bitcoin has shown little to no reaction, even weakening, revealing a clear absence of demand. On the other hand, selling pressure is easing: profitable supply is approaching levels seen at past bear market bottoms, seller exhaustion indicators have hit cycle lows, and the adjusted SOPR has been rejected near the breakeven line nine times. Meanwhile, buyers remain absent: ETF net inflows are minimal, coins continue flowing into exchanges, yet derivatives leverage has already built large long positions, with open interest relatively high compared to trading volume and bid depth on the order book thinning. Glassnode considers the key levels to be above $68,700 and below approximately $58,500: a sustained breakout above the former, accompanied by rising volume and ETF inflows, would be needed to confirm improvement; a breakdown below the latter could trigger accelerated downside due to thin bid support and overcrowded longs. Glassnode remains cautiously bearish, viewing this as a late-stage bear market compression phase, with true demand signals yet to emerge.