glassnode: Bitcoin's subsequent trend may depend on whether institutional capital flows and buyer confidence can be restored

According to glassnode monitoring, the price of Bitcoin rebounded to $121,000 after falling below $114,000 last week, and on-chain activity and derivatives market sentiment have improved. However, the decline in spot trading volume and high profitability levels indicate that the market needs to be cautious. In the futures market, open interest once exceeded the statistical extreme before deleveraging, and the funding rate shows that traders still have demand for long positions, but confidence is relatively fragile. ETF inflows are strong, with weekly inflows exceeding $880 million, showing the resilience of institutional demand, but the sustainability of inflows under price fluctuations remains to be seen. On-chain data shows that user activity and fees have slowed down, but adjusted transfer volume has surged, indicating that capital flows may be related to market fluctuations. The current market profitability level is high, with the supply profitability ratio reaching 96%, but it has not reached an extremely optimistic state, and market sentiment remains cautious. Overall, the market has retreated from a new high to around $114,000, ET