#BitcoinSpotVolumeNewLow Crypto analysis company Glassnode, in its latest report, made notable comments regarding the Bitcoin market. According to the report, the price was strongly rejected by the “Real Market Average,” which is around $78,000–$79,000, and from short-term investor cost basis levels. This situation limits the upward momentum of the market and indicates that downward pressure could continue in the medium term.

Glassnode data shows that especially short-term investors are viewing the rise as a selling opportunity. The realization of profits reaching up to $4 billion on an hourly basis signals a heavy distribution process in the market, while buyers are reportedly struggling to absorb this selling pressure. This dynamic is one of the main factors explaining why the recent rally could not continue.

The report also highlights a strong accumulation zone between $65,000 and $70,000. While this zone is said to provide significant short-term support, a potential downward break below it could weaken the market structure. The standard deviation band around $68,000 is identified as a critical support level to watch.

On the other hand, signals are emerging that selling pressure in the spot market is decreasing. The volume delta approaching neutral levels and occasionally turning positive indicate that buyers are starting to re-enter. However, Glassnode notes that for a sustained bullish trend, this demand needs to increase more strongly.

In terms of institutional investors, a more cautious recovery is observed. Signs of increasing ETF asset sizes (AUM) are seen, and CME open interest is also entering a dip formation phase. While this suggests limited re-entries into the market, it also indicates that a strong sense of confidence has not yet been established.

In derivatives markets, there is a notable picture. The record levels of net short positions in futures contracts reveal an increased risk hedging behavior among investors. However, this excessive short positioning also raises the possibility of a sharp “short squeeze” if positive news or demand increases.

Volatility shows a general compression. The proximity of realized and implied volatility suggests that there is no strong consensus on the market direction. Additionally, increased demand for options protection indicates that investors remain cautious.

According to the overall assessment of the Glassnode report, Bitcoin is currently trapped below key resistance levels. Selling pressure persists in the upper ranges, while support levels in the lower band are keeping the market balanced. The recovery in spot demand and institutional inflows have not yet reached a level that would trigger a significant breakout.

In this context, the current outlook points to a continuation of a choppy and sideways market structure in the short term. According to Glassnode, the next major price move will depend more on whether real capital inflows strengthen rather than on positioning in derivatives markets.

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