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glassnode: Bitcoin temporarily stabilizes at $60k, market lacks confidence, defensive posture is evident
BlockBeats News, June 29, glassnode released its weekly market summary stating that Bitcoin's current overall stance is defensive: the spot market is in a consolidation phase. Trading activity has increased, but net selling continues, with liquidity primarily used for distribution rather than accumulation. The derivatives market continues to deleverage, with traders preferring downside protection over directional bets. Funding rates remain relatively low, and the market is generally cautious.
Institutions/on the institutional side, U.S. spot ETFs have turned into overall unrealized losses, with continuous net outflows, and institutional investors are unwilling to add positions. Although trading volume remains high, the flow of funds is predominantly for exiting.
Overall, Bitcoin is currently stabilizing around $60,000, but spot order flow, derivatives positions, and institutional demand remain defensive. For a sustained recovery, a significant return of buyer confidence is needed. The market is still in a phase of structural adjustment and capital contraction.