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glassnode: The current Bitcoin market structure remains fragile, with selling pressure broadly dominating.
BlockBeats News, September 2nd, glassnode published a market analysis stating that as the Bitcoin price further retraced from its all-time high to $107,000, the market is currently above the cost basis of short-term holders. In the spot market, the Relative Strength Index (RSI) has fallen into oversold territory, leading to further weakened momentum, coupled with decreasing trading volume, reflecting waning market confidence. Spot Cumulative Volume Delta (CVD) shows a slight relief in selling pressure, implying temporary market stabilization, but overall signals suggest weak demand.
The futures market exhibits cautious positioning. Open interest has decreased, funding rates have declined, and perpetual contract CVD has slightly improved, indicating a decrease in leverage and weakening bullish sentiment. Traders seem reluctant to increase risk exposure, highlighting defensive strategies adopted following recent volatility.
In the options market, due to a decrease in open interest, participation has declined, and implied volatility spreads have narrowed, indicating a sense of complacency in the market. However, the 25 Delta skew has soared to above historical highs, underscoring strong demand for downside protection and reinforcing options traders' defensive stance.
Overall, the market structure remains fragile, with bearish pressure dominating in spot, futures, and on-chain indicators. ETF inflows have provided temporary cushioning, but shrinking trading volume and diminished profitability highlight insufficient market confidence. Although a short-term rebound may occur, the overall market sentiment remains defensive, and unless demand experiences robust growth again, the market may continue to consolidate further.
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