Снижение интереса к биткоину вызывает опасения у аналитиков Glassnode Translation: Declining Interest in Bitcoin Raises Concerns Among Glassnode Analysts

Glassnode analysts have identified the production cost of short-term holders’ coins as a vital support level for digital gold, currently standing at $111,400 at the time of this report.

A drop in prices below this threshold might indicate a potential shift to a bearish trend in the medium term.

On the spot market, both the RSI and CVD indicators have weakened, while trading volumes have decreased. Experts believe this reflects a decline in demand and limited activity from traders, despite recent gains.

The futures market exhibited mixed dynamics. Open interest remains robust, but the CVD for perpetual contracts has plunged into negative territory. Analysts attribute this to aggressive selling from leveraged traders.

Following strong inflows, the demand for Bitcoin ETFs in the U.S. has dwindled. A shift from net inflows to outflows suggests a pause in accumulation by institutional investors.

Network activity has surged, with an increase in the number of addresses and transaction volumes. However, transaction fees have decreased, indicating heightened participation without signs of speculative fervor.

The overall market structure resembles the adage «buy the rumor, sell the news.» Diminishing demand on the spot market, selling on the futures front, and a slowdown in ETF inflows are all exerting downward pressure on prices.

Analysts assert that the risk of further activity slowdown remains. It can be avoided only if new demand can counterbalance the existing selling pressure.

As Bitcoin’s price corrected to $113,000, open interest in futures for the asset fell by $2 billion, dropping from $44.8 billion to $42.8 billion, according to Glassnode.

The analysts indicated that this reflects a «washout» of leverage and a decrease in speculative activity.

This situation was described by the company as a «healthy reset.» It helps stabilize the derivatives market and reduces the risk of cascading liquidations.

The cryptocurrency market has regained stability following a wave of forced liquidations totaling over $1.7 billion, as reported by analysts from QCP Capital.

Bitcoin remains above $112,000, while Ethereum hovers around $4,100. According to experts, this price drop has become one of the largest within the year. Meanwhile, stock markets have continued to rise amid a decrease in the Federal Reserve’s interest rate, and gold has reached an all-time high.

The crash occurred against a backdrop of speculative gains in altcoins like ASTER, HYPE, and PUMP, as traders anticipated the start of an altseason. The sharp decline without a clear trigger underscored the market’s vulnerability given the high leverage.

The altcoin season index fell from 78 to 65 points. Bitcoin’s dominance grew to 57%, while Ethereum’s share dropped to 12%, indicating a capital shift back into the leading cryptocurrency.

Analysts noted that institutional support remains strong despite market weakness, with companies like Strategy and Metaplanet continuing to accumulate Bitcoin. Last week’s inflows into spot ETFs also signal interest in buying on dips.

QCP Capital emphasized that in September, Bitcoin has still shown a 4% increase, despite this month traditionally being weak for the crypto market. Traders are preparing for October, typically the strongest period for digital gold, with demand for call options at strike prices of $120,000 to $125,000.

In the current quarter, Bitcoin’s price has remained within the $110,000-$120,000 range while attention focused on altcoins. Following the recent decline, experts believe the focus may shift back to the leading cryptocurrency.

Key events this week will include a speech by Federal Reserve Chair Jerome Powell on September 24 and the inflation data release on September 26. Should macro aspects remain stable, markets may perceive this as an opportunity for further decreases in the Federal Reserve’s rate, creating liquidity inflow in the fourth quarter and serving as a catalyst for Bitcoin’s price breakout from its trading range, concluded QCP Capital.

It is worth noting that in September, CryptoQuant analyst known as Maartunn flagged a concerning signal: many key indicators of a bullish market had turned bearish.