Seller Exhaustion Emerges, but Bitcoin Remains at Risk of Further Losses: Glassnode

Key Points

1. Bitcoin's momentum has paused after reaching an all-time high, with signs of seller exhaustion but market conditions remain fragile.

2. Spot market indicators show weakened conditions: RSI fell from 47.4 to 35.8 (oversold), spot CVD declined sharply, and spot volume dropped from $8.4B to $7.5B.

3. Futures market data reveals mild position unwinding: open interest slipped from $45.6B to $44.9B, long-side funding fell 33%, and perpetual CVD declined further.

4. Options market shows Bitcoin open interest tumbling 8.4% to $39.8B, with narrowing volatility spread and high demand for downside protection.

5. Bitcoin ETFs have seen four consecutive days of outflows, with net inflows dropping 25% to below $270M, signaling weak institutional demand.

6. On-chain fundamentals were mixed: active addresses rose 3.6%, but transfer volume and fees declined by 13.9% and 14.4%, respectively, indicating quieter network activity.