Glassnode: Bitcoin Stabilizes, Yet Demand Falls Short of True Rebound

TL;DR:

• Price and Support: Bitcoin has reclaimed the $70,000 zone after dropping to $67,000, establishing an initial technical support level based on the acquisition cost for new investors.
• Declining Profitability: Realized profits by entities have plummeted 96% since July 2025, dropping from $3 billion daily to less than $100 million today.
• Technical Resistance: The market faces a dense supply zone above $82,200, with a massive concentration of potential sellers between $93,000 and $97,000.

After an aggressive correction, calm has returned to the cryptocurrency market. The latest Glassnode report indicates that Bitcoin is in an equilibrium phase, as selling pressure from ETFs and derivatives imbalances clear the landscape.

However, this stabilization still lacks an essential component for the recovery to be sustainable: an increase in buying volume. Currently, the market is supported by selective “buy-the-dip” activity, but the flow of fresh capital remains modest compared to previous bullish cycles.

Liquidity Challenges and On-Chain Behavior

While ETF inflows are moderately returning to green territory, the market structure remains fragile. Glassnode data reveals that funding rates in futures markets stay at negative levels, suggesting that traders are cautious or even bearish in the short term.

On the other hand, implied volatility in options shows that while the stress has passed, solid bullish conviction is non-existent. The expiration of $10 billion worth of options contracts this Friday could act as the necessary catalyst to break the price out of its current range.

In summary, Bitcoin has halted the price bleeding but remains trapped between listless demand and considerable institutional resistance. The transition from a stabilization phase to an expansion phase will depend entirely on liquidity returning forcefully to the spot markets.