Bitcoin price stayed stuck in a $61,000 to $67,000 range last week as ETF demand softened, Glassnode says.
Bitcoin price remained stuck in the $61,000 to $67,000 range as demand for spot exchange-traded funds, spot trading and aggressive buying cooled, though Glassnode, a blockchain analytics firm, said long-term holder behavior and strong profitability are still helping the market hold its range while it waits for a fresh catalyst.
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In a new market overview, Glassnode wrote that “price momentum remains constructive” although there is shift in the order flow toward net selling amid weakening demand for the aggressive takers. Also, volumes for spot trading have shifted toward the low end of their recent range, the firm noted.
Also, perpetual buying pressure has become weak with the higher 25-delta skew showing that “are increasingly paying for downside protection,” per Glassnode.
Lack of ETF Demand
Institutional demand also stayed weak, with Glassnode saying U.S. spot Bitcoin ETFs continued to show lower trading activity, while slower transfer volumes and falling network fees pointed to weaker onchain speculation.
Still, the report said the market structure hasn’t clearly broken down yet. As the analysts argue, more supply is moving toward long-term holders. Glassnode also noted that a higher share of hot capital could increase volatility, but doesn’t automatically point to weaker market structure.
The firm described Bitcoin as “caught between fading momentum and underlying strength,” with Bitcoin now “awaiting its next directional catalyst.”
