According to ChainCatcher news, as reported by glassnode, Bitcoin faced resistance at $94,000 and subsequently fell to $87,000, with selling pressure increasing and liquidity decreasing, leading to a weakening of upward momentum.
On one hand, the number of open futures contracts has slightly decreased, indicating a moderate market risk aversion rather than a capitulative sell-off; the perpetual contract CVD has fallen below the lower limit, reflecting strong selling pressure. On the other hand, the number of active addresses has slightly decreased, but the adjusted transfer volume has exceeded the upper limit, indicating active capital flow. Meanwhile, the pressure from transaction fees has decreased, suggesting a weakening demand for block space.
ETF capital flows have somewhat offset the impact of the decline in Bitcoin prices, but the MVRV of the ETF has slightly retreated, and the profitability indicators remain weak. The market is currently in a consolidation phase, and although some indicators show a potential rebound in trading activity and institutional interest, market confidence remains uneven, making it susceptible to further declines or long-term range-bound fluctuations before demand strengthens.
