Glassnode analysts note weakening demand for Bitcoin.
Date: 2025-09-24 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
Glassnode analysts have identified the short-term holders' market value as a key support level for Bitcoin, which stands at $111,400 at press time. A drop below this level could signal a possible transition to a medium-term bearish trend. The spot market is seeing declining RSI and CVD indicators, as well as a decrease in trading volumes, reflecting a decline in demand and trader activity following the recent price rally.
The futures market is showing mixed dynamics. Open interest remains high, but the CVD for perpetual contracts has fallen into negative territory due to active selling by leveraged traders. At the same time, demand for spot Bitcoin ETFs in the US has declined: net inflows have given way to outflows, indicating a pause in institutional investor accumulation.
The Bitcoin network continues to show increased activity: the number of addresses and transfer volumes are growing, while transaction fees are falling, indicating increased participation without speculative frenzy. Overall, the market structure resembles a "buy the rumor, sell the news" pattern: weakening spot demand, selling in futures, and slowing ETF inflows are putting pressure on the price.
Open interest in futures fell from $44.8 billion to $42.8 billion amid a price correction to $113,000. Glassnode assesses this as a "washout" of leverage and a decline in speculative activity, which experts call a "healthy reset" that helps stabilize the derivatives market and reduce the risk of cascading liquidations.
The market has stabilized after a wave of forced liquidations totaling over $1.7 billion, according to analysts at QCP Capital. Bitcoin remains above $112,000, while Ethereum is near $4,100. The decline in prices, driven by growing speculation on altcoins ASTER, HYPE, and PUMP, has exposed the vulnerability of the highly leveraged market. The Altcoin Season Index fell from 78 to 65 points, and Bitcoin's dominance increased to 57%, while Ethereum's share fell to 12%, indicating a reallocation of capital in favor of the leading cryptocurrency.
Despite the market weakness, institutional support remains strong: Strategy and Metaplanet continue to accumulate Bitcoin, and inflows into spot ETFs indicate interest in buying on the dip. In September, BTC rose 4%, and traders are already preparing for October, a traditionally strong period for digital gold, showing demand for call options with strike prices of $120,000–$125,000.
Bitcoin's price has held in the $110,000–$120,000 range this quarter, with market attention shifting to altcoins. After the recent decline, analysts believe the focus may return to BTC. Key events in the coming week will include Federal Reserve Chairman Jerome Powell's speech on September 24 and the release of inflation data on September 26, which could influence the Fed's rate cut decision and the influx of liquidity into the market, stimulating growth in the leading cryptocurrency.
