Glassnode: Profit-Taking And ETF Slowdown Cap Bitcoin Momentum, $114,000 Seen As Key Level
Digital asset knowledge, analytics, and analysis platform Glassnode launched the newest cryptocurrency market evaluation highlighting that Bitcoin continues to commerce between $110,000 and $116,000, with fading exchange-traded fund (ETF) inflows and profit-taking dampening momentum, whereas derivatives exercise performs an outsized function in sustaining steadiness. The report notes that holding above $114,000 would sign energy, whereas a decline beneath $108,000 might set off deeper stress.
Following the mid-August peak, momentum has steadily weakened, pushing Bitcoin again into the $110,000–$116,000 zone as provide redistributes. On-chain knowledge signifies that the rebound from $108,000 was supported by shopping for stress, making a stabilization construction, however the market stays break up between consolidation and the danger of contraction.
Analysis of value foundation clusters exhibits three investor teams anchoring the vary: latest top-buyers close to $113,800, dip-buyers round $112,800, and short-term holders nearer to $108,300. Sustained beneficial properties above $113,800 would return many buyers to revenue, whereas a drop beneath $108,300 might set off renewed promoting and expose decrease assist ranges close to $93,000.
The report highlights that latest rebounds have been met with heavy profit-taking by mid-term holders and loss realization by newer consumers, creating headwinds just like earlier stress durations. For restoration, contemporary demand should take in this stress, with affirmation possible if Bitcoin stabilizes above $114,000.
Liquidity circumstances stay comparatively constructive so long as the value stays above $108,000, however a deeper breakdown might undermine inflows and delay additional rallies.
ETF Outflows Shift Bitcoin Market Dynamics As Derivatives And Options Take Greater Role
Beyond on-chain exercise, exterior demand from spot ETFs stays a crucial driver of this cycle. Since early August, US spot ETF web flows have fallen sharply, averaging round ±500 BTC per day on a 14-day foundation, properly beneath the degrees that fueled earlier rallies. This decline displays waning participation from conventional finance buyers, including fragility to market momentum.
With spot inflows weakening, derivatives markets have taken on a higher function in shaping value motion. Indicators counsel futures merchants absorbed a lot of the latest promoting throughout the rebound from $108,000, with the three-month futures foundation holding beneath 10% and perpetual quantity staying muted. These circumstances level to regular slightly than speculative positioning, extra aligned with accumulation than overheated leverage.
Options markets are additionally taking part in a bigger function as establishments use methods akin to protecting places and coated calls to handle threat. Open curiosity has reached file highs, whereas implied volatility continues to development decrease, reflecting a extra mature construction. The tilt towards calls over places alerts a cautiously bullish outlook, with general positioning suggesting a more healthy, risk-managed market much less susceptible to sharp euphoric or capitulatory swings.
At the time of reporting, Bitcoin is buying and selling at $115,090, reflecting a 0.83% achieve over the previous 24 hours, with a every day low of $113,504 and a high of $116,287.
The world cryptocurrency market capitalization stands at $4.01 trillion, marking a 1.31% rise in the identical interval, whereas whole market quantity has declined by 7.36% to $148.49 billion. Bitcoin’s market dominance is recorded at 57.22%, representing a 0.21% lower, in line with CoinMarketCap.
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