Glassnode: Bitcoin's pullback from recent highs reflects weakening momentum rather than a deterioration of the trend

2026-01-20 14:51:31

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CoinVoice has learned that according to the market analysis weekly report released by Glassnode on Monday, the capital flow into the US spot Bitcoin ETF has sharply reversed, showing strong capital inflows, indicating that institutions are re-accumulating holdings.

Although ETF trading volume has increased accordingly, the rise in holder profits also brings short-term profit-taking risks. Bitcoin has fallen from the recent high of $98,000 to just over $90,000, with the Relative Strength Index (RSI) retreating but still above neutral levels, indicating a consolidation phase rather than a trend deterioration.

Spot trading volume has modestly increased, and the net buying and selling imbalance has broken through the upper limit of the statistical band, showing a significant reduction in selling pressure, but demand remains fragile. Open interest in futures has slightly increased, reflecting cautious rebuilding of speculative activity, while the sharp decline in funding rates indicates a reduced urgency among bulls.

The options market continues to price in high uncertainty, with demand for downside protection still present. On-chain activity is stabilizing, with active addresses and transfer volumes showing improvement, and network fees rising slightly. Short-term holder supply remains high, keeping the market sensitive to price fluctuations.

Overall, Bitcoin is in a consolidation phase, but increased buying strength and institutional interest are gradually shifting the market structure toward a more constructive direction.

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