Glassnode: If Bitcoin falls below $104,000, it may trigger a drop to $93,000-$95,000

According to Glassnode analysis, investors are actively accumulating Bitcoin within the "white zone" between $108,000 and $116,000, reflecting constructive buying of pullbacks, but the risk of further contraction remains in the short term. A break above $114,000-$116,000 would reignite the upward trend; conversely, a break below $104,000 could trigger a drop to $93,000-$95,000. The profit rate for short-term holders has rebounded from 42% to 60%, but the market remains fragile and requires a sustained recovery to $114,000-$116,000 to bolster market confidence. Furthermore, futures market funding rates are neutral but face the risk of weakening demand, and ETF inflows have also slowed significantly. Previously, Bitcoin ETF inflows were primarily driven by directional spot demand, while Ethereum's flows have shown a mix of spot demand and arbitrage strategies.