Glassnode recorded signs of bitcoin market fatigue

Glassnode analysts recorded weakening dynamics in the bitcoin market, despite the continued consolidation in the range of $100,000-110,000. According to their assessment, without sustainable growth in demand, the movement to new highs remains questionable.

After a short-term drop to $99,000 amid geopolitical tensions in the Middle East on June 22, the BTC rate recovered two days later, returning to the consolidation zone. Support for the price remains in the area of $93,000-100,000 – it was in this range that the large-scale accumulation of the asset in the first quarter of 2025 took place.

Glassnode emphasizes that as long as the price remains above this zone, the bull market structure remains in place. However, a downside breakdown could trigger an accelerated correction. Meanwhile, realized profits in the current cycle have already reached $650 billion, which is higher than in 2020-2022, but the pace of profit taking has slowed markedly.

Onchain activity is also weakening, with transfer volumes down 32% since the end of May, and the recent renewal of an all-time high has not been accompanied by a surge in spot trading. This distinguishes the current situation from previous phases of market enthusiasm.

The futures market remains active, but with definite signs of cooling. Open interest decreased by 7%, while the growth in liquidations and lower financing rates suggest a lower appetite for risk and leverage.

All this, in analysts’ opinion, points to accumulated fatigue of the market. Without restoration of capital inflow and strengthening of participants’ belief in continuation of growth, breakthrough above $111,000 in short-term perspective remains unlikely.