An analysis suggests that while Bitcoin (BTC) maintains a structurally robust trend, its upward momentum is weakening due to slowing spot demand, decreased ETF fund inflows, and excessive accumulation of long positions. Glassnode stated in a report, “Recently, BTC has maintained a relatively stable price trend above key support levels, and institutional participation in the futures market is also showing signs of recovery. However, spot demand, particularly from U.S. institutions, has not yet fully recovered, and the pace of ETF fund inflows is also slowing down. Investor sentiment in the options and volatility markets is gradually becoming more conservative around current price levels. The current market is driven more by derivatives trading than by spot-based bullishness, and as such, BTC is likely to continue a broad range-bound movement within its current price range for the time being, until liquidity conditions improve and strong spot buying re-enters the market.”
