Glassnode: BTC Rebounds to $65,000 But Remains in Consolidation Phase, ETF Outflows and Deleveraging Suppress Upside Momentum

BlockBeats News, July 27th

On-chain analytics firm Glassnode's latest report shows that Bitcoin recently bounced back from around $64,000 to about $65,100, but overall remains in a range-bound state, with the market continuing its consolidation phase.

The report points out that BTC retraced after hitting a peak of $66,700, with the current spot price still within the range of statistical fluctuations. Exchange liquidity has tightened, active selling pressure has eased slightly, but market participation remains low.

Derivatives market data shows a decrease in long positions' aggressiveness in perpetual contracts, indicating weakening confidence in speculative funds. Despite a slight increase in the overall open interest (OI), the long funding rate has significantly cooled, suggesting a more cautious approach to leverage. Meanwhile, options open interest continues to grow, the volatility skew widens, indicating traders are positioning for higher future uncertainty.

Regarding institutional funds, regulated investment products have recently turned into net outflows, with weekly trading volumes seeing a significant drop. However, institutional overall holdings remain slightly profitable, with valuation support levels remaining stable.

On-chain data also shows the market entering a low activity phase. The number of active addresses remains stable, but on-chain settlement demand and trading pressure are weak, leading to stagnant fund inflows. At the same time, long-term holders continue to maintain strong confidence, supporting the resilience of BTC's holder structure.

Glassnode states that the current Bitcoin market is in a "quiet transition phase," with both unrealized and realized losses decreasing. Selling pressure is easing, but spot, derivative, and institutional fund participation remains insufficient, limiting short-term upward momentum.