Glassnode diagnosed in its weekly report that Bitcoin is stabilizing amidst decreasing trading volume and cautious investor sentiment. The report stated, "BTC fell from $79,000 to $74,000 and then recovered to $77,000. While price momentum has somewhat softened, market sentiment appears to be finding a balance. The funding rate paid by long positions increased, confirming optimistic sentiment. The MVRV (Market Value to Realized Value) for spot ETF investors also saw a slight increase, indicating growing unrealized profits. Liquidity indicators, such as the supply ratio between short-term and long-term holders, also showed a decrease in speculative activity, but the realized profit/loss ratio revealed a more pessimistic aspect, with realized losses increasing more than realized profits. Overall, the current market appears to be going through a phase where risk appetite coexists with cautious sentiment," the report explained.
