Glassnode: Bitcoin Rebound's Sustainability Hinges on Spot Demand Recovery, Current Market Structure Resembles May 2022

BlockBeats News, February 9th, Glassnode posted on social media that Bitcoin rebounded to $69,000 after a sharp downward reassessment. The overall market position remains defensive—spot, derivatives, and on-chain indicators all show caution, and whether the rebound can continue depends on whether spot demand can recover.

Off-chain signals are stabilizing, but market confidence remains low. Spot and ETF indicators are rebounding from lows, while futures and options positions remain defensive, indicating participants' cautious attitude and persistently weak risk appetite.

On-chain signals are mixed, with underlying network activity fundamentally strengthened, but fund flows and P&L conditions continue to weaken, showing that even with improved network participation, market demand remains weak and profit potential is limited.

When the Bitcoin price was $70,000, the market unrealized loss was about 16% of the total market value. The current market turmoil presents a similar structure to what was observed in early May 2022.