Glassnode: Bitcoin temporarily stabilizes at $60,000, the market lacks confidence and shows a clear defensive posture.
2026.06.29 21:50:08
Glassnode’s weekly market summary notes that Bitcoin’s current overall trend is defensive: the spot market is in a consolidation phase. Trading activity has increased, but net selling persists, with liquidity mainly used for distribution rather than accumulation. Deleveraging in the derivatives market continues, as traders lean toward downside protection rather than directional bets. Funding rates remain relatively low, reflecting overall market caution. For institutional activity: U.S. spot ETFs are now in overall unrealized losses, with persistent net outflows, and institutional investors are reluctant to add positions. Despite still-high trading volumes, capital flows are dominated by exits. Overall, Bitcoin is currently stabilizing near $60,000, but spot order flow, derivatives positions, and institutional demand all remain defensive. A significant return of buyer confidence is required for a sustained recovery. The market is still in a phase of structural adjustment and capital contraction.
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