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glassnode: Bitcoin Still Faces Further Downside Risk, Reaching $114K to $116K Needed to Confirm New Uptrend

2025.09.05 12:32:31

On September 5th, glassnode released a market analysis indicating that on-chain data reveals that Bitcoin investors purchased within the range of $108,000 to $116,000, filling the short position gap. This indicates a positive behavior of buying the dip but does not rule out the possibility of further decline. If it drops below $104,000, a replay of the previous post-all-time-high weakness phase may occur, falling to $93,000 to $95,000. During the market sell-off, the profit-taking ability of short-term holders plummeted to 42% and then rebounded to 60%. This rebound has maintained a neutral but fragile market situation. Only when the price rises to $114,000 to $116,000 will new growth momentum be confirmed. Furthermore, the off-chain market sentiment is cooling down. Futures funding remains neutral but fragile, while ETF inflows have significantly slowed down. Bitcoin ETF flows are mainly driven by directed spot demand, and Ethereum flows reflect a combination of spot demand and spot purchase arbitrage.
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