Glassnode: Bitcoin Breakout Fails, Market Awaits Catalysts for Trend Change

glassnode published a weekly report stating that Bitcoin remains in a state of low participation, with price movements driven more by a lack of pressure than by active trading willingness.

On-chain data continues to reflect an oversupply and weak structural support, while spot fund flows have improved somewhat but have not yet translated into sustained accumulation. Institutional and corporate demand remains cautious, with treasury company fund flows tending to stabilize, and trading activity concentrated in sporadic trades. Derivatives participation remains sluggish, with futures trading volume shrinking and leverage usage being moderate, further exacerbating the liquidity-challenged market environment, making prices increasingly sensitive to minor position changes.

Overall, the market seems to be quietly building a bottom, but this consolidation is not due to excessive participation or enthusiasm; rather, it is because investor confidence has paused, with everyone waiting for the next clear catalyst to reignite broader market participation and momentum.