Glassnode: ETFs have strong capital inflows but weak on-chain activity

According to ChainCatcher, Glassnode released a market research report saying that Bitcoin rebounded to $116,000 last week, driven by the Federal Reserve's interest rate cut expectations, but is currently facing a new round of selling pressure. Despite the overbought area, the spot market momentum is strong, buyers are confident. The participation of the futures market has increased, and the inflow of US spot ETFs has increased significantly, indicating that institutional demand is stable. On-chain data shows that active addresses are close to cycle lows, but the amount of transfers increases, indicating that capital flows are active and user activity decreases. Investor earnings indicators generally improve, but increased profits may lead to weak demand. Analysts believe that the market is at a critical crossroads, with $114,000 being the key point of the upside, while a break below $108,000 may bring greater downside pressure. Bitcoin is currently consolidating in the range of $104,000-116,000, with ETF demand cooling, and market sentiment is cautiously optimistic but still vulnerable.