Glassnode: Strong ETF Inflows but Weaker On-Chain Activity

ChainCatcher message, Glassnode released a market research report indicating that Bitcoin rebounded to $116,000 last week under the expectation of a Federal Reserve interest rate cut, but is currently facing a new round of selling pressure.

Although the RSI has entered the overbought zone and the spot market momentum is strong, buyer confidence is limited. Participation in the futures market has increased, and the inflow of funds into U.S. spot ETFs has significantly strengthened, indicating robust institutional demand. On-chain data shows that active addresses are nearing a cyclical low, but transfer volumes have increased, suggesting active capital flow while user activity has decreased. Investor profit indicators have generally improved, but the increase in profit realization may lead to weakened demand.

Analysts believe the market is at a critical crossroads, with $114,000 being a key point for upward movement, while a drop below $108,000 could bring greater downward pressure. Bitcoin is currently consolidating in the $104,000-$116,000 range, ETF demand has cooled, and market sentiment is cautiously optimistic but still vulnerable.