glassnode: Bitcoin still has the risk of further decline, and it will rebound to $114,000 to $116,000 before it can confirm the new rise

According to ChainCatcher, on-chain data shows that Bitcoin investors bought in the range of $108,000 to $116,000, filling the short gap. This reflects a positive buying on dips, but does not rule out the possibility of further declines. If it falls below $104,000, it may repeat the weak stage after a record high, falling to $93,000 to $95,000. Short-term holders’ profitability dropped sharply to 42% during the market sell-off and then rebounded to 60%. The rebound kept the market neutral but fragile, and the market would only be confirmed to usher in new growth momentum when prices rebounded to $114,000 to $116,000. In addition, off-chain market sentiment is cooling down. Futures financing remained neutral but was relatively fragile, while ETF inflows slowed sharply. The flow of Bitcoin ETFs mainly comes from targeted spot demand, while the flow of Ethereum reflects a mixture of spot demand and arbitrage.