According to @glassnode, Bitcoin is stabilizing above the True Market Mean while the market structure mirrors Q1 2022 with more than 25% of supply at an unrealized loss. According to @glassnode, demand is weakening across ETFs, spot markets, and futures. According to @glassnode, options markets show compressed volatility and cautious positioning. According to @glassnode, these on-chain and derivatives observations indicate a cautious trading backdrop in its latest Week On-Chain update.

According to @glassnode, BTC is consolidating in the $104k to $116k air gap after significant investor absorption, highlighting a neutral range-bound regime for price action. According to @glassnode, futures and spot ETF flows show cooling demand, signaling softer momentum from derivatives and fund inflows. According to @glassnode, strength above $116k could revive the uptrend, while a breakdown would put $93k to $95k at risk as the next downside target. According to @glassnode, the trading focus is on a confirmed breakout above $116k or a failure that transitions price toward the $93k to $95k support zone.

According to Miles Deutscher, the BTC CME annualized basis dropped to 4% yesterday, marking its lowest level in nearly two years. This metric, which is linked to the demand for Bitcoin on CME futures, has significantly decreased from a high of 22% in December. This decline suggests that there is very little speculative froth left in the market, indicating a potential shift in market sentiment (source: Miles Deutscher's Twitter post).