**[glassnode: Bitcoin enters late-stage bear market compression phase, but real demand signals have yet to emerge]** BlockBeats News, August 13 — glassnode shared its market perspective, stating that Bitcoin is currently squeezed between the median realized price (approximately $63,000) and the short-term holder cost basis (approximately $68,700). Spot trading volume has hit its lowest level since 2019, and the market is in an extremely quiet compression state. Despite core inflation falling to 2.5% in July and the stock market reaching new highs, Bitcoin has shown almost no reaction and has even weakened, indicating a clear lack of demand. On the other hand, selling pressure is diminishing: profitable supply is approaching past bear market bottom regions, the seller exhaustion metric has reached a cyclical low, and the adjusted SOPR has been rejected near the breakeven line nine times. Meanwhile, buyers remain absent, ETF net inflows are minimal, and coins continue to flow into exchanges. However, derivatives leverage has already been heavily positioned long in advance, with open interest relatively high compared to trading volume, and order book buy-side liquidity is thinning. glassnode believes the key observation points are the upper level at $68,700 and the lower level at approximately $58,500: a decisive breakout above the former, accompanied by a recovery in trading volume and ETF inflows, could confirm improvement, while losing the latter could lead to accelerated declines due to thin buy-side liquidity and crowded long positions. Overall, glassnode remains cautious, suggesting this is the late-stage bear market compression phase, and real demand signals have yet to emerge. [Original Link]