Glassnode: BTC Price Falls Back to Around $110,000 as Market Sentiment Turns Cautious
According to ChainCatcher, citing Glassnode data, BTC surged to $117,000 last weekend but quickly retreated to $111,000, indicating heightened market volatility. Spot market momentum has weakened, the RSI is approaching the oversold zone, selling pressure has intensified, and trading volume remains stable.
Leverage in the futures market has decreased, funding rates have risen, and speculative demand appears to be weakening. US-listed spot ETFs saw outflows totaling $1 billion, with trading volumes declining and institutional demand cooling off.
On-chain data shows a decrease in daily active addresses and transaction fees, reflecting lower network usage, while transfer volume has increased, driven by volatility.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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