glassnode: Bitcoin Shows Recovery Momentum, But Market Sentiment and Positioning Remain Cautious

BlockBeats News, December 9th, glassnode released its weekly market commentary stating that despite Bitcoin rebounding to around $94,000, the market is still not entirely bullish. Market momentum has improved, and trading volume has increased, but spot CVD (Cumulative Volume Delta, whose core function is to measure the net volume difference between market buyers and sellers) and open interest have declined, indicating intensified potential selling pressure. At the same time, options trading shows a demand for hedging downside risks, while ETF outflows indicate weak market demand.

Overall, Bitcoin shows early signs of a recovery momentum, but market sentiment and positions remain cautious, indicating that the market is still rebuilding confidence after the recent volatility.