Glassnode: Bitcoin maintains the convulsion, and outflows and leverage cooling indicate a cautious market

On 27 July, according to Glassnode ' s latest BTC Market Pulse report, Bitcoin had rebounded to about $651,000 after retreating to $64,000 and remained in an intermittent state of shock. Declining leverage levels, financial outflows from regulated investment products and weak chain dynamics indicate that markets are at a prudential stage. The report notes that the market for sustainable contracts is less dynamic and less speculative confidence, and that, despite a slight increase in the number of open contracts, there has been a marked decline in the cost of multiple funds, indicating a rational use of leverage. The holding of options continues to grow, and traders are pricing higher uncertainties for the future. In parallel, institutional demand has weakened, regulated investment products have shifted to net outflows, and weekly transactions have declined significantly. However, the overall organization has maintained a small profitability and the valuation indicator is relatively stable. The chain data show that the number of active addresses remains stable, but the trade settlement pressure and inflow of funds remain low. Long-term holders continue to maintain confidence and support market resilience. According to Glassnode, while Bitcoin is in a calm transition phase and sales pressure is easing, the participation of spot, derivatives and institutional channels remains cautious。