Glassnode: Bitcoin Bounce Shows Little Evidence of Strong Spot-Led Demand

Bitcoin briefly climbed back to around $64,000 before easing to just above $62,000, according to CoinDesk. Onchain analytics firm Glassnode said the move looks fragile, arguing that spot demand and broader market participation have not meaningfully improved. Glassnode pointed to softer spot buying and fading trading activity. The firm said the latest upswing appears more consistent with thin liquidity than widespread, active accumulation, with several indicators suggesting underlying demand stayed weak during the rebound. Momentum metrics have heated up even as participation cooled. Bitcoin's 14-day RSI rose to 66.9 from 50.8, nearing overbought territory. Over the week, spot trading volume fell to $4.1 billion from $5.2 billion, a drop of about 21.5%. Spot CVD moved from $17.2 million to $58.8 million, signaling active selling outpaced active buying. Derivatives data also showed limited follow-through. Glassnode said buying momentum in perpetual futures has weakened: perpetual futures CVD slid to $83.9 million from $457.5 million, indicating a pronounced slowdown in long positioning. Overall derivatives positioning changed little. As Bitcoin has struggled to stay above $63,000, retail sentiment has started to cool. Over the past 24 hours, the total crypto market cap dipped about 1.1% to roughly $2.24 trillion. More than $250 million in leveraged positions were liquidated in the same window, with close to $200 million tied to longs. Futures open interest was largely unchanged, edging down to $31.3 billion from $31.4 billion, suggesting traders are still holding exposure without a notable rise in risk appetite. Options open interest ticked up to $28.1 billion, but remains below historical ranges. Major altcoins were mixed during the pullback. XRP was among the larger-cap laggards, down about 1.5%, as retail sentiment reportedly shifted from extremely bullish to slightly bearish. Ethereum, Solana, BNB and Dogecoin each fell less than 1%. Ether was last around $1,782, with the market watching support near $1,700 and resistance in the $1,840–$1,850 area. Traders are also focused on this week's inflation releases as a potential directional driver. Glassnode said the next several sessions will be key in determining whether buying pressure can rebuild and offer clearer support for the rally. Separately, onchain analyst Ali Martinez said whales have continued accumulating since June, with Bitcoin's Accumulation Trend Score holding near 1. He added that after slipping below the $63,000 mid-range level, Bitcoin may first retest support near $61,700 before attempting another leg higher. Near-term catalysts in focus include upcoming U.S. CPI and PPI data, whether Strategy continues adding to its Bitcoin holdings, and U.S. debate around the CLARITY Act.