glassnode: Bitcoin still faces further downside risk, and a rise to $114,000 to $116,000 is needed to confirm a new upward trend

ChainCatcher message indicates that on-chain data shows Bitcoin investors are buying in the range of $108,000 to $116,000, filling the short gap. This reflects a positive dip-buying sentiment but does not rule out the possibility of further declines. If it drops below $104,000, it may repeat the previous weak phase after reaching an all-time high, falling towards $93,000 to $95,000.

The profitability of short-term holders sharply declined to 42% during the market sell-off, then rebounded to 60%. This rebound keeps the market neutral but fragile, with only a price recovery to $114,000 to $116,000 confirming that the market will see new growth momentum. Additionally, off-chain market sentiment is cooling down. Futures funding remains neutral but relatively weak, while ETF inflows have sharply slowed. The capital flow into Bitcoin ETFs mainly comes from targeted spot demand, while Ethereum's capital flow reflects a mix of spot demand and cash-and-carry arbitrage.