Glassnode diagnosed in its weekly report that Bitcoin (BTC) rebounded to $77,000 after adjusting from $79,000 to $74,000, but has now entered a sideways phase. Glassnode analyzed, "While price momentum has decreased by 21.7%, selling pressure is easing as spot and perpetual futures CVD (Cumulative Volume Delta) have increased by 77.2% and 35.5% respectively. Although speculative demand has shrunk with spot trading volume and futures open interest decreasing by 10% and 3.5% respectively, buying demand is increasing as long position funding rates have surged by 135.4%. In the US spot ETF sector, net outflows improved by 28.9% and MVRV (Market Value to Realized Value) rose by 0.69%, but trading volume decreased by 22.9%. In profitability indicators, a bearish sentiment was detected as NUPL (Net Unrealized Profit/Loss) significantly declined and the proportion of realized losses increased."
