Glassnode: The current Bitcoin market structure remains fragile, and market sentiment is still defensive.

ChainCatcher news, according to Glassnode market analysis, as the price of bitcoin has retreated from its all-time high to $107,000, the market is currently above the cost basis of short-term holders. In the spot market, as the Relative Strength Index (RSI) has fallen into the oversold zone, momentum has further weakened and trading volume has declined, reflecting reduced market confidence. Spot CVD shows that selling pressure has eased and the market has temporarily stabilized, but overall demand remains weak.

The futures market shows cautious position allocation, with open interest decreasing, funding payments declining, a slight improvement in perpetual contract CVD, lower leverage, and weakened bullish sentiment. Traders are reluctant to expand risk exposure, reflecting a defensive strategy after recent volatility.

In the options market, open interest has decreased, participation has declined, and volatility spreads have narrowed, indicating a sense of complacency. However, the 25 Delta skew has soared above historical extremes, highlighting strong demand for downside protection.

Overall, the market structure is fragile, with bearish pressure dominating spot, futures, and on-chain indicators. ETF inflows provide temporary cushioning, but shrinking trading volume and declining profitability indicate insufficient confidence. There may be a short-term rebound, but unless demand grows strongly, the market may consolidate further.