Bitcoin (BTC) has slid sharply over the past week, retracing nearly 7% and wiping out the upside that built after last week’s Senate Banking Committee markup of the CLARITY Act. That legislative momentum helped push BTC above the $82,000 area, but the coin is now changing hands around $76,700.
The Bitcoin PullbackGlassnode’s latest read on the situation points to a clear deterioration in short-term market behavior. The firm says the Bitcoin selling pressure has intensified, with Spot CVD falling by 848.7%.
Futures Open Interest also dropped 2.9%, which usually signals that traders are not as enthusiastic about adding leverage during uncertain conditions. However, Glassnode also notes that Long-Side Funding Payments have jumped 136.6%, a sign that demand for long Bitcoin exposure has reappeared.
Sentiment from traditional finance has also softened. Glassnode points to a 6.1% drop in US Spot Bitcoin ETF MVRV, alongside a sharp deterioration in ETF net flows, implying weaker conviction from institutional players.
Bear Cycle TargetsPutting those signals together, Glassnode’s conclusion is that the Bitcoin market structure is beginning to soften. Momentum, spot demand, and speculative positioning are all described as weakening across the board.
Featured image created with OpenArt, chart from TradingView.com
