View: Bitcoin's Rebound Momentum Remains Strong, Institutional Allocation and Speculative Leverage Simultaneously Rising

BlockBeats News, September 1st, glassnode stated that Bitcoin is currently oscillating around $78.6k. After breaking through $80k, Bitcoin has maintained the strong rally that started from the $64k region at the end of August. The overall cryptocurrency market continues to show strong institutional demand, but spot and derivatives trading activity has cooled off in some areas. At the same time, price momentum is significantly higher than the upper bound of the statistical range. On-chain data such as Exchange Net Flow and Coin Days Destroyed (CDD) indicate that the market may be seeing a shift in buyer dominance, and retail participation has weakened.

Traditional financial funds are still flowing into regulated crypto investment products. The holdings of the U.S. Bitcoin spot ETF remain profitable and continue to see weekly net inflows. Meanwhile, short-term funds that are more sensitive to price movements are entering the market. This is accompanied by a high level of open interest in options and a rapid narrowing of volatility spreads, suggesting that market participants may be underestimating short-term volatility risks. On-chain data also shows signs of "active settlements but weakening user participation": adjusted transfer volume is significantly higher than normal, while the number of daily active addresses and total fee revenue have seen a slight decline.

Overall, the Bitcoin market is transitioning from a strong uptrend to a period of structural differentiation. Institutional funds continue to flow in, and on-chain valuations are rising, providing support to the market. However, speculative leverage is increasing, and signs of short-term fund selling are emerging. The market fundamentals remain strong, but short-term volatility and pullback risks are on the rise.