I noticed that Glassnode pointed out a very important point this week - the decline that occurred was more influenced by overall macro factors rather than specific issues with cryptocurrencies themselves. The market absorbed the geopolitical panic at the end of the week, and then it rose because people believed that Bitcoin had dropped 45% from its all-time high, meaning most of the bad news had already been absorbed.

But at Glassnode, they focused on something we need to ignore - the impact of oil and energy prices. If oil prices continue to rise, inflation will stay high, and central banks won't lower US interest rates quickly. This is clearly bad for cryptocurrencies.

Interestingly, ETF funds experienced the opposite of last week - about $1.0 billion flowed in after five consecutive weeks of outflows. But Glassnode said that institutional investors are very weak at current levels. Most of the recent sales are from ambitious traders, not institutions. They compared the current situation to November to September last year, when the price was between $85,000 and $95,000, and institutional activity was much stronger, especially during dips.

The key takeaway from Glassnode is important - the market is very fragile right now, and demand at current levels is very weak. There is no real buying pressure from the big players.