According to on-chain data from Glassnode and insights from CryptoQuant, Bitcoin's current recovery trend is quite "fragile." As the price approaches and surpasses $80,000, short-term holders have sold off in large volumes to take profits. The current demand in the spot market is considered insufficient to absorb this wave of profit-taking.



Despite the price exceeding $80,000, expert Julio Moreno from CryptoQuant warns that this could merely be a "bear market rally" because the overall market net profit level has not yet reached the explosive threshold of a true uptrend (bull market) cycle.

On the same day, Bank of England Governor Andrew Bailey issued a warning about systemic risks from stablecoins pegged to the USD. He expressed concern that a "bank run" scenario on stablecoins could spread liquidity risks to regions with strict conversion regulations, such as the UK.
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