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Glassnode: Bitcoin temporarily stabilizes at $60k, market lacks confidence, defensive stance is apparent

MarsBitNews
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Mars Finance News, June 29 - Glassnode released a weekly market summary stating that Bitcoin's overall posture 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 favoring downside protection over directional bets. Funding rates are relatively low, and the market as a whole is cautious. On the institutional side, U.S. spot ETFs have turned into overall unrealized losses, with sustained net outflows, and institutional investors are reluctant to increase positions. Although trading volume remains high, capital flows are predominantly exit-oriented. Overall, Bitcoin is currently stabilizing around $60,000, but spot order flow, derivatives positions, and institutional demand all remain defensive. A sustained recovery requires a significant return of buyer confidence. The market is still in a phase of structural adjustment and capital contraction.
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