glassnode: bitcoin is in the final phase of bear city compression, but the real demand signal has not yet appeared

On 13 August, glassnode published a market view that bitcoin was currently caught between the median achieved price (approximately $63,000) and the short-term holder cost base (approximately $687 million), with spot trade at its lowest level in 2019, and the market was in an extremely quiet state of compression. Despite the fall of core inflation to 2.5 per cent in July and the re-enactment of the stock market, bitcoin was almost unresponsive and even weak, indicating a significant demand deficit. On the other hand, the seller ' s pressure was weakening: the profit supply was close to the bottom of the bear market, the seller ' s fatigue indicator touched the lower part of the cycle, and the adjusted SOPR had been rejected nine times near the profit-loss balance line. At the same time, the buyer continued to be absent, the ETF net inflow was minimal, and the currency was still flowing into the exchange; derivative leverage had been made on a large scale ahead of time, the unsettled contracts were relatively high and the purchase book was thinning. According to Glassnode, the key observation points were $687 million above and approximately $585 million below: It is possible to confirm the improvement by effectively standing on the former and accompanying the upswing in trade and ETF inflows, while failing the latter is prone to an accelerated decline under thin purchase and congestion. Glassnode as a whole remained cautious, considering it as the late bear city compression phase, and the real demand signal had not yet appeared。