Glassnode: BTC drops to around $62600, spot demand weak but long-term holders remain resilient According to BlockBeats, on August 3rd, Glassnode released its "BTC Market Pulse: Week 32" report, stating that Bitcoin has recently fallen to around $62600 due to weak spot demand and rising defensive sentiment in the derivatives market. However, increased on chain activity, long-term holder confidence, and ETF fund inflows still provide support for the market. The report points out that Bitcoin failed to maintain its rebound trend after breaking through $66000 and has now fallen from the $65000 area. The current price trend reflects the weakening of commodity momentum, sustained net selling pressure, and low trading activity, which continue to put the market in a consolidation stage lacking clear breakthrough momentum. In terms of the derivatives market, the overall size of open interest contracts has decreased, but the funding rate for perpetual contracts has rebounded, and the trading volume of active sellers has eased. The options market still maintains a defensive bias, with the 25 Delta skewing widening, indicating an increased demand for downside protection from investors, while speculative open interest continues to decline. The ETF market has shown improvement, with both net inflows and trading volumes rebounding over the past week, indicating that institutional investors are reallocating funds through regulated channels. In terms of on chain data, Glassnode stated that the activity of the Bitcoin network has significantly increased, with the number of daily active addresses and the adjusted transfer volume surpassing the upper edge of the statistical range, indicating an improvement in network usage and economic activity. At the same time, there has been a slight increase in new capital inflows, easing the pressure of capital outflows. In terms of position structure, the supply ratio between short-term and long-term holders is still close to historical lows, indicating that long-term investors still maintain strong beliefs. However, the overall profitability of the market continues to decline, with the proportion of profit supply approaching the low point of the cycle, and investors' spending behavior more manifested as defensive stop loss. Glassnode concludes that the Bitcoin market is currently in a transitional stage, with stable long-term holders, increased on chain activity, and a rebound in ETF demand providing structural support. However, valuation pressure, insufficient spot momentum, and defensive posture towards derivatives still limit market risk appetite. [Original link]