Data: Glassnode: The recent decline of Bitcoin from its peak reflects a weakening momentum rather than a deterioration of the trend

According to market news, Glassnode released its market analysis weekly report on Monday, indicating a sharp reversal in the flow of funds for the U.S. spot Bitcoin ETF, showing strong capital inflows and indicating that institutions are re-accumulating positions.

Although ETF trading volume has risen accordingly, the increase in holder profits also brings short-term profit-taking risks. Bitcoin has retreated from a recent high of $98,000 to just over $90,000, with the Relative Strength Index (RSI) declining but still above neutral levels, indicating that it is in a consolidation phase rather than a trend deterioration phase.

Spot trading volume has risen moderately, and the net buy-sell imbalance has broken through the upper limit of the statistical range, showing a significant reduction in selling pressure, but demand remains weak. The slight increase in open interest in futures reflects cautious rebuilding of speculative activity, while the sharp decline in funding rates indicates a decrease in urgency among bulls.

The options market continues to price in high uncertainty, with ongoing demand for downside protection. On-chain activity has stabilized, with the number of active addresses and transfer volumes showing an improving trend, and network fees have risen slightly. The supply from short-term holders remains high, keeping the market sensitive to price fluctuations.

Overall, Bitcoin is in a consolidation phase, but the strengthening buying power and the return of institutional interest are gradually pushing the market structure towards a more constructive direction.