Glassnode identifies concentrated Bitcoin selling amid market consolidation
Glassnode data shows concentrated Bitcoin selling between $109k and $115k during market consolidation.Summary
Blockchain analytics from Glassnode indicate that Bitcoin is currently in a consolidation phase characterized by concentrated selling pressure. This selling activity is specifically focused in the $109,000 to $115,000 price range, as observed through net-premium flows tracking options trading. Investor sentiment is shifting towards caution, evidenced by market participants adopting defensive strategies and increased demand for put options as volatility decreases. Furthermore, long-term holders are reportedly selling into upward price movements, contributing to this defensive market stance amidst broader uncertainty in the crypto space. This pattern is typical behavior during consolidation, where traders reassess positions before the next significant directional market move.
(Source：Crypto Briefing)