Glassnode: Demand for Bitcoin has weakened, the market is anxious.

On-chain analysis platform Glassnode reported that the price of Bitcoin (BTC) has fallen below the cost basis of short-term investors, triggering market demand fatigue. According to the latest "Week On-Chain" report, the Bitcoin market has once again taken on a weak structure. Analysts noted that the price falling below the average cost of $113,000 for short-term investors indicates a loss of momentum and demand exhaustion.

The report reveals that long-term investors have been regularly taking profits since July. Additionally, the increase in put demand in the options market suggests that the market is becoming increasingly cautious. According to Glassnode data, Bitcoin has fallen below both the $113,100 short-term cost basis and the $108,600 0.85 quantile level. The loss of these levels has historically led to more serious corrections in past cycles.

The daily selling volume of long-term investors has exceeded 22,000 BTC, doubling since July, which has created significant selling pressure in the market. This situation weakens the formation of new demand and makes a permanent price recovery difficult.

On the options side, the open positions have reached an all-time high, and investors are primarily leaning towards put (sell) contracts, indicating that short-term rises are limited by hedge transactions. Market participants tend to protect themselves against downside risks. Additionally, the implied volatility level has risen to 48%, showing that the market is still under significant stress.

Glassnode analysts state that the current situation does not mark the end of the bull cycle but that the market has entered a temporary consolidation phase. They emphasize that a sustainable recovery will only be possible with a revival of spot demand and a decrease in volatility.