glassnode: The current Bitcoin market structure remains fragile, with selling pressure broadly dominating.

On September 2nd, glassnode released a market analysis indicating that as the Bitcoin price retraced further from its all-time high to $107,000, the market is currently above the cost basis of short-term holders. In the spot market, the Relative Strength Index (RSI) has entered oversold territory, resulting in weakened momentum. Coupled with the decreasing trading volume, it reflects the waning of market confidence. The spot Cumulative Volume Delta (CVD) shows a slight alleviation of selling pressure, suggesting temporary market stabilization. However, the overall signals indicate weak demand. The futures market shows cautious positioning. Open interest has decreased, funding rates have declined, and the perpetual contract CVD has slightly improved, indicating a decrease in leverage and weakening bullish sentiment. Traders seem reluctant to increase risk exposure, highlighting the defensive strategies adopted in the face of recent volatility. In the options market, due to the decrease in open interest, participation has declined, and implied volatility spreads have narrowed, indicating a sense of complacency in the market. However, the 25 Delta skew has surged to above historical highs, emphasizing strong demand for downside protection and reinforcing the options traders' defensive stance. Overall, the market structure remains fragile, with bearish pressure prevailing in spot, futures, and on-chain indicators. ETF inflows have provided temporary support, but the shrinking trading volume and reduced profitability highlight insufficient market confidence. Although a short-term rebound may occur, the overall market sentiment remains defensive. Unless there is a significant increase in demand again, the market may continue to consolidate further.