en.bitcoinsistemi.com
Cryptocurrency analysis firm Glassnode has released a new report on Bitcoin ($BTC)'s recent price movements. The report suggests that Bitcoin is showing signs of fatigue following the rally seen following the Fed's FOMC meeting.
According to Glassnode data, long-term investors (LTH) have recently realized profits of 3.4 million $BTC. Meanwhile, ETF inflows, one of the key factors supporting the rally, have slowed significantly.
According to the company's assessment, weakness in spot and futures trading is noteworthy, with the $111,000 short-term investor cost emerging as critical support. It warned that if this level cannot be maintained, Bitcoin could enter a deeper correction.
Glassnode summarized the current situation as follows:
- Following the post-FOMC rally, the market experienced a classic post-news selling pressure.
- While only an 8% pullback has occurred so far, the total realized asset inflow of $678 billion and the large-scale distribution of LTHs are showing signs of market maturation.
- Demand for ETFs, which had previously absorbed supply, slowed rapidly during the FOMC process, making the balance of flows fragile.
Spot volumes surged during the sell-off, while futures saw a sharp deleveraging. Furthermore, hedging increased in the options market, with strong demand for put options attracting attention.
In its conclusion, Glassnode stated that Bitcoin's post-FOMC decline was a typical post-news correction, but that the overall market structure increasingly resembled exhaustion. “The risk of a deeper cooling remains on the table if institutional demand and long-term investors fail to rebalance,” the company said.
*This is not investment advice.