📊👀 #BTC Glassnode Report: The market is in a phase of structural reorganization, as capital continues to shrink and participants take a more defensive stance. On spot markets, there is still a steady net sell-off, despite increased trading activity, indicating that available liquidity is mainly being used for distribution rather than accumulation of BTC at current prices. In the derivatives markets, leverage continues to decrease.


At the same time, the growth of 'hot' capital indicates that a larger share of supply is now in the hands of short-term, price-sensitive investors, increasing the market's vulnerability to volatility.
BTC1.23%
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