Glassnode: Bitcoin shows signs of recovery, but market sentiment and positioning remain cautious.
AI Summary1 min read
TL;DR
Bitcoin rebounded to around $94,000 with improved momentum and volume, but declining spot CVD and open interest signal selling pressure. Options hedging and ETF outflows reflect weak demand, indicating cautious sentiment despite early recovery signs.
Tags
Layer 1Halving TokensBitcoinGlassnodemarket sentimentrecoverycryptocurrency
According to Mars Finance, on December 9th, Glassnode published its weekly market commentary, stating that although Bitcoin rebounded to around $94,000, the market is not entirely bullish. Market momentum has improved, and trading volume has increased, but spot CVD (Cumulative Volume Delta, which measures the net difference between buying and selling volume) and open interest have declined, indicating potential increased selling pressure. Meanwhile, options trading shows demand for hedging downside risk, while ETF outflows indicate weak market demand. Overall, Bitcoin shows early signs of a recovery, but market sentiment and positioning remain cautious, suggesting that the market is still rebuilding confidence after recent volatility.