Glassnode: Market Needs Short-Term Rebound to Reassure New Investors, On-Chain Data Indicates Speculative Fervor Has Cooled

By: theblockbeats.news|2025/08/07 16:12:01

BlockBeats News, August 7th, On-chain data analysis firm Glassnode released its latest On-chain Weekly Report, with the theme of "Bitcoin Market Entering a Liquidity Vacuum Phase: The Game between Key Support and Demand Recovery".

Glassnode cited data in the report, stating that after hitting a new all-time high of $123,000 in mid-July, Bitcoin entered a consolidation phase. Currently, the price has fallen below a supply-dense area based around $116,000. On July 31st, the price further broke below the lower boundary of this range, sliding into a liquidity-thin "air gap" that extends downwards to $110,000. Despite some buy-the-dip behavior, the market has not yet reclaimed the key resistance level.

The profit ratio of short-term holders has decreased from 100% to 70%. If demand does not rebound quickly, the confidence of new investors may weaken, leading to more selling pressure. Meanwhile, on August 5th, Bitcoin ETFs saw a net outflow of 1,500 BTC, marking the largest single-day outflow since April 2025. The funding rate in the perpetual contract market has also dropped, indicating a reduced willingness for leveraged long positions, and a cooling of market speculative fervor.

Solana did not fall behind during the bear market. Trading enthusiasm has waned, but the network is more stable, RWA and stablecoins are expanding, and the capital foundation is much thicker than in the previous cycle. The real question is: when the speculative tide recedes, can perpetuals, predicti...

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