glassnode: The current vulnerability of Bitcoin is intensifying, and its structure remains susceptible to external negative factors.

On August 6, Glassnode released a market report indicating that as the market retests the low liquidity zone below the $114,000 threshold, the frenzy phase of Bitcoin is pausing, and the market is experiencing a period of re-adjustment. Signals from various market zones suggest that market momentum is cooling down, holdings are cautious, and risk appetite has weakened. The reasons are mainly as follows: 1. The spot market trend has significantly weakened, with the RSI dropping from 47.4 to 35.8, breaking below its low range, indicating that the market has entered the oversold area. 2. Open contracts in the futures market have decreased from $45.6 billion to $44.9 billion, suggesting that the market is gently closing positions. 3. The net inflow in the ETF market has decreased by 24.9% to $269.4 million, far below the low range, indicating weak institutional demand. In summary, the market has shifted from thriving to re-evaluation, with the oversold state and seller fatigue suggesting the possibility of a rebound. However, market vulnerability is intensifying, and its structure remains susceptible to external negative factors or delayed demand recovery.