Why Hasn't Bitcoin Made the Expected Surge? There Are Both Positive and Negative Data
Analytical firm Glassnode reports Bitcoin retreated to around $62,600 after failing to sustain above $66,000. Weak spot market demand and defensive positions in derivatives are applying downward pressure. However, structural support remains from resilient long-term holders, surging on-chain activity, and renewed inflows into Bitcoin ETFs.
The price action reflects weakened spot momentum, with low trading volume and persistent seller pressure keeping Bitcoin in a consolidation phase with limited breakout potential. While open interest in derivatives has fallen, funding rates have risen again, and options investors maintain a cautious stance. Demand for downside protection has increased.
Positively, Bitcoin ETFs have seen renewed net inflows and trading volume, indicating institutional repositioning. On-chain metrics show a significant spike in active addresses and adjusted transaction volume, pointing to increased network usage. The historically low ratio of short-term to long-term holders suggests long-term conviction remains firm.
However, overall market profitability continues to decline as the proportion of Bitcoin in profit nears cycle lows, indicating a trend of loss realization and de-risking by investors.
Glassnode concludes the Bitcoin market is in a transitional phase. Structural support is present, but valuation pressure, insufficient spot demand, and defensive derivatives positioning continue to limit overall risk appetite.
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