glassnode: Bitcoin Still Faces Further Downside Risk, Reaching $114k to $116k Crucial to Confirm New Uptrend

BlockBeats News, September 5th, glassnode published a market analysis stating that on-chain data shows Bitcoin investors bought in the $108,000 to $116,000 range, filling the short position gap. This reflects a positive buy-the-dip behavior but does not rule out the possibility of further decline. If the price drops below $104,000, it may revisit the previous post-all-time high weakness phase and drop to $93,000 to $95,000.

Short-term holders' profitability plummeted to 42% during the market sell-off, then rebounded to 60%. This rebound has kept the market neutral but fragile. Only if the price rises to $114,000 to $116,000 can the market confirm a new growth momentum.

Furthermore, off-chain market sentiment is cooling off. Futures funding remains neutral but fragile, while ETF inflows have slowed significantly. Bitcoin ETF fund flows mainly come from directed spot demand, while Ethereum flows reflect a mix of spot demand and spot purchase arbitrage.