Glassnode: Market sentiment has shifted from enthusiasm to caution, and future trends depend on the possibility of liquidity returning to stability or further adjustments.

According to Glassnode data, BTC rose to $117,000 last weekend but quickly retreated to $111,000, indicating increased market volatility. Momentum in the spot market weakened, with the RSI approaching oversold territory and selling pressure intensifying. Trading volume remained stable, but buyer confidence was fragile. Leverage in the futures market decreased, funding rates rose, and speculative demand weakened. Regarding ETFs, US-listed spot ETFs saw outflows of $1 billion, trading volume declined, and institutional demand cooled. On-chain data showed a decrease in daily active addresses and transaction fees, a decline in network usage, and a slight increase in transfer volume driven by volatility. Overall, the market has shifted from enthusiasm to caution, and future trends depend on the possibility of liquidity stabilization or further adjustments.