glassnode: The current Bitcoin market structure remains fragile, with bearish pressure dominating across the board

BlockBeats News, on September 2, glassnode published a market analysis stating that as the bitcoin price further retreated from its historical 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) fell into the oversold region, momentum further weakened, and trading volume declined, reflecting reduced market confidence. The spot CVD shows that selling pressure has eased, suggesting the market has temporarily stabilized, but overall signals indicate weak demand.

The futures market shows cautious position management. Open interest has decreased, funding payments have declined, and perpetual contract CVD has slightly improved, indicating lower leverage and weaker bullish sentiment. Traders seem reluctant to expand risk exposure, highlighting the defensive strategies adopted after recent volatility.

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

Overall, the market structure remains fragile, with bearish pressure dominating in spot, futures, and on-chain indicators. ETF inflows provide a temporary buffer, but shrinking trading volume and declining profitability highlight a lack of market confidence. Although a short-term rebound is possible, overall market sentiment remains defensive, and unless demand grows strongly again, the market may continue to consolidate further.