Glassnode: The current Bitcoin market structure remains fragile, and market sentiment remains defensive

ChainCatcher message, according to Glassnode market analysis, as Bitcoin's price has retreated from its historical high of $107,000, the market is currently above the cost basis of short-term holders. The spot market has entered the oversold zone due to the Relative Strength Index (RSI), with momentum further weakening and trading volume declining, reflecting a decrease in market confidence. The spot CVD shows that selling pressure has eased, and the market has temporarily stabilized, but overall demand remains weak.

The futures market shows cautious position allocation, with a decrease in open interest and a decline in funding payments. The perpetual contract CVD has slightly improved, leverage has decreased, and bullish sentiment has weakened. Traders are reluctant to expand their risk exposure, reflecting a defensive strategy after recent volatility.

In the options market, open interest has decreased, participation has declined, and the volatility spread has narrowed, indicating complacency. However, the 25 Delta skew has surged above historical highs, highlighting strong demand for downside protection.

Overall, the market structure is fragile, with bearish pressure dominating in spot, futures, and on-chain indicators. ETF inflows provide a temporary buffer, but shrinking trading volume and declining profitability indicate a lack of confidence. A rebound may occur in the short term, but unless demand grows strongly, the market may further consolidate.