glassnode: Bitcoin Stabilizes Around $60,000, Market Sentiment Wanes, Defensive Posture Evident

BlockBeats News, June 29th, glassnode released its weekly market recap, indicating that Bitcoin's current overall trend is primarily defensive: the spot market is in a consolidation phase. Trading activity has increased, but net selling continues, with liquidity mainly used for distribution rather than accumulation. The derivatives market remains deleveraged, with traders preferring downside protection over directional bets. Funding rates are relatively low, and the market overall is becoming more cautious.

On the institutional front, the U.S. spot ETF has turned into an overall unrealized loss, experiencing continued net outflows as institutional investors are reluctant to increase their positions. Despite still high trading volumes, the fund flows are mainly oriented towards exits.

Overall, Bitcoin is currently stabilizing around $60,000, but spot order flow, derivative positions, and institutional demand all maintain a defensive posture. To achieve sustained recovery, significant buyer confidence needs to return. The market is currently in a phase of structural readjustment and capital contraction.