Capital tickets to Bitcoin are «slower», according to that analysis firm. The market is moving away from the extremes and bowing towards caution. The price of Bitcoin (BTC) returned to levels not seen since the beginning of July, below $ 110,000. This setback, which caused BTC to reach a key support level, just below the single mobile (SMA) average of 100 days; added to the signs that emanate directly from the bitcoin chain, They are the perfect cocktail to create a market that leaves euphoria behind and enters a phase of fragility and cautionwith a weaker demand and slower capital tickets, according to the Glassnode analysis firm. According to Glassnode, in the Bitcoin cash market, the impulse weakened in the last week, with the relative force index (RSI), which measures the impulse and trend of the market, falling 21.4%, to 43.6 points, heading towards overall conditions. In addition, the volumes remained stable, but without dynamism, reflecting a fragile conviction of buyers.
Bitcoin's price is losing impulse. Source: Glassnode. For its part, in the futures market, open interest (OI, in English) contracted 2.6% in a week, suggesting a reduction in leverage, At the same time when financing rates increased by 29%, trying to hold long positions. The net positioning showed a slight improvement, although without clearing the uncertainty of the market, Glassnode remarked. The options, in turn, reflected caution this week. Although open interest grew slightly, according to the firm, volatility differentials were reduced, which is usually understood as a complacency signal. Likewise, the inclination of 25 deltas rebounded 8.2% in a week, which evidenced an increase in downward coverage, since operators sought to protect themselves from possible additional falls.
A significant reversal
In the field of Bitcoin ETF listed in the United States there was a significant reversal in a week. Is that, after weeks of positive tickets, Net flows showed outputs for 1,000 million dollarsaccompanied by a lower volume of operations. The ETF MVRV index was also weakened, which points to greater pressure on profits and a cooling of demand from the traditional financial system, explains the analysis firm.
Bitcoin ETF flows fell 320% in a week. Source: Glassnode. On-chain data accompany that scenario. The daily active addresses and transaction commissions were reduced by 2.2% weekly, reflecting a lower use of the network. Even so, transfer volumes were fired by 7.8% in the same period, driven by position reallocation amid volatility. This dynamic brand A difference between a lower organic activity and a short -term speculative movement.
In terms of capital flows, the capitalization inputs made were slowed and the Hot Capital Share indicator remained in the high band without additional advance. The relationship between the offer of short -term holders (STH) and long term (LTH) increased, which reflects a slight rotation towards speculative hands, but without evidence of a long -term conviction.
The states of profits also adjusted. The proportion of gain offer decreased marked to 90.8% in a week. At the same time, the benefit or loss made to balance, staying in 1.0 last week. With these metrics, A market is confirmed that moves away from bullish extremes and leans towards a position of greater cautionin the opinion of Glassnode analysts. Therefore, the direction of the price of Bitcoin in the coming weeks will depend on whether it returns sufficient liquidity to stabilize the price or if, on the contrary, the sales pressure intensifies and leads to a deeper consolidation, explains the analysis firm. However, it is good to remember that, although the on-chain panorama does not look favorable, Bitcoin bouncing catalysts still remain in force in the short termsuch as the expectation of interest rate cuts by the United States Federal Reserve in September and the growing institutional interest around digital asset. In fact, there are estimates that BTC will reach the USD 130,000 this year and up to USD 300,000 in 2026, as published cryptootics.
