Bitcoin Price Outlook Glassnode Says Selling Pressure Eases but Demand Remains Weak
Bitcoin has shown signs of stabilizing after its early October decline, but a sustained recovery remains uncertain as demand from spot market participants and exchange-traded fund (ETF) investors has yet to strengthen. Blockchain analytics firm Glassnode said selling pressure has eased, although the return of buyers needed to support a stronger upward trend remains limited.
Bitcoin was trading around $82,000 after maintaining support above $80,000 following the early October downturn. The cryptocurrency had declined approximately 2% over the week, according to the report. While the slowdown in selling offers some relief to the market, Glassnode's assessment indicates that improving price stability has not yet been accompanied by a convincing recovery in buying activity.
Bitcoin Spot Market and ETF Demand Remain Weak
Glassnode's analysis found that spot market buyers and Bitcoin ETF investors have not yet returned in sufficient strength to drive a broader recovery. Although selling activity in the spot market has moderated, buying momentum remains subdued, while ETF trading volumes have fallen below their typical levels.
The lack of stronger demand from these two market segments remains a key obstacle to Bitcoin's recovery. Reduced selling pressure can help prices stabilize, but sustained upward momentum generally requires renewed buying interest to absorb available supply and support further gains.
Glassnode therefore identified the return of demand from both spot market participants and ETF investors as an important condition for a more durable improvement in market conditions.
Bitcoin Futures and Options Markets Signal Continued Caution
Conditions in the derivatives market also point to lingering uncertainty. In perpetual futures trading, sellers continue to account for a significant portion of market activity, according to Glassnode. However, selling pressure has eased compared with the preceding period.
At the same time, funding rates paid by traders holding long positions have begun to rise again. This development suggests that the cost of maintaining bullish positions is increasing, even as the broader market continues to face questions about the strength of demand.
The options market reflects a similarly cautious outlook. Implied volatility remains above realized volatility, indicating that traders are pricing in uncertainty about future Bitcoin price movements. The report also noted that investors continue to position themselves against the possibility of further declines.
On-Chain Data Shows a Shift Toward Newer Bitcoin Investors
Glassnode highlighted an ongoing change in Bitcoin ownership, with capital continuing to shift toward newer market participants. On-chain data shows that the ratio of short-term holders to long-term holders remains elevated, while the share of Bitcoin holdings sitting at a loss continues to be within historically high ranges.
These indicators suggest that the market continues to face pressure despite the recent moderation in selling. The distribution of holdings between newer and longer-term investors provides additional context for understanding market behavior as Bitcoin attempts to stabilize following its early October decline.
However, there are also signs that some selling-related activity is losing momentum. Realized profits have declined, indicating that investors are taking fewer profits than in the previous period.
Meanwhile, the amount of Bitcoin held by long-term investors continues to decrease, although the pace of that decline has slowed. This change marks a moderation in the reduction of long-term holdings, but it does not yet establish that longer-term investors have resumed accumulating Bitcoin.
What Glassnode Says Bitcoin Needs for a Recovery
Glassnode's overall assessment is that much of the selling pressure associated with Bitcoin's early October decline has eased. Nevertheless, the market has yet to demonstrate the renewed demand needed to establish a sustained recovery.
The company's analysis points to a gap between improving selling conditions and still-limited buying activity. Spot market demand and ETF participation remain important factors to watch, while signals from futures, options and on-chain data indicate that uncertainty has not disappeared.
For Bitcoin to develop stronger upward momentum, Glassnode said demand from spot buyers and ETF investors needs to recover. Until that happens, the easing of selling pressure alone may not be sufficient to support a sustained bullish trend.
source; en.bitcoinsistemi
Writer: Ethan Collins
Crypto Journalist
Ethan Collins reports on developments across the cryptocurrency and blockchain sector. His work covers market movements, protocol updates, regulatory changes, and emerging trends in digital assets.
He focuses on presenting complex topics in a clear and accessible manner for a broad readership.
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