glassnode: Bitcoin Breakout Denied, Market Awaits Catalyst

5 hours ago

On January 23, Glassnode released its weekly report noting Bitcoin remains in a low-participation phase—price moves are driven more by a lack of selling pressure than positive trading intent. On-chain data still shows a supply surplus and fragile structural support; while spot flows have improved slightly, they haven’t yet translated into sustained buy-side momentum. Institutional and corporate demand stays cautious: treasury flows are stabilizing, and trading activity is limited to sporadic trades. Derivatives participation remains subdued—futures volume is shrinking, leverage usage is relatively low, which further worsens market illiquidity and makes prices more reactive to small position shifts. Overall, the market seems to be quietly forming a bottom—but this consolidation isn’t from excessive participation or enthusiasm; it’s a pause in investor confidence as everyone waits for the next clear catalyst to reignite broader market engagement and momentum.

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