glassnode: Bitcoin Sell Pressure Eases Temporarily, Market Recovery Hinges on Spot Demand Rekindling

BlockBeats News, February 10th, glassnode released its weekly market report indicating that the Bitcoin price bounced back from $60,000 to $69,000, but on-chain transaction volume, while expanding, remains low, indicating a relief in selling pressure but cautious buyer participation, reflecting frequent market turnover post downturn reassessment rather than strong dip buying.

Off-chain indicators show strong defensive positioning in futures and options, with ETF trading volume surging to a high of $45.5 billion, yet accompanied by a slowdown in fund outflows, overall risk appetite remaining subdued. On-chain fundamentals activity has strengthened, but capital inflows are negative with unrealized losses dominating the supply. Overall, sustained market recovery may depend on the restoration of spot demand to stabilize prices above recent lows.