Bitcoin (CRYPTO: BTC) is exhibiting signs of seller exhaustion, according to new analysis from blockchain intelligence firm Glassnode, even as overall market structure remains vulnerable.
What Happened: The report paints a picture of a recalibrating crypto market that has retreated from recent highs, yet shows early signals of potential recovery.
After testing the lower bounds of liquidity near the $114,000 threshold, Bitcoin’s euphoric momentum has sharply cooled.
Across spot, derivatives, and on-chain markets, indicators suggest declining risk appetite, thinning volumes, and rising demand for hedging, common hallmarks of markets nearing a local bottom.
In the spot market, Bitcoin’s RSI dropped from 47.4 to 35.8, entering oversold territory.
Net cumulative volume delta (CVD) worsened from -$107.1 million to -$220 million, reflecting an uptick in sell-side activity.
Trading volume dropped from $8.4 billion to $7.5 billion, underscoring lower retail and institutional participation.
The futures market echoed these signs of cooling momentum.
Open interest fell modestly from $45.6 billion to $44.9 billion, while long-side funding rates dipped 33% to $3.1 million.
Perpetual CVD deepened from -$1.2 billion to …