Glassnode says bitcoin sellers are showing signs of exhaustion, though the onchain analytics firm stopped short of confirming a historical market bottom is in.
Key Takeaways
Glassnode flagged bitcoin seller exhaustion but stopped short of confirming a bottom.Spot bitcoin ETFs have continued to attract inflows as BTC held near the $64,000 level.Traders now watch whether BTC clears $65,000 resistance to confirm Wintermute’s recovery thesis.Glassnode’s own commentary postured the current market as compressed rather than capitulating, adding that the pervading trading conditions were “priced for nothing and reacting to everything.”
ETF Demand Holds Even as Price StallsThat parallel, however, is imperfect, especially since bitcoin’s current price is roughly $10,000 lower than of that time, but it did mark a turning point in BTC’s trajectory.
The market’s next move likely hinges less on onchain exhaustion metrics and more on whether buyers can push bitcoin decisively through $65,000 resistance. A clean break would validate the recovery thesis that Wintermute and other desks are floating; another rejection would support the view that seller exhaustion is a pause, not a pivot.
In any case, Glassnode analysts seem to be convinced that sellers who drove bitcoin lower through late July and early August are largely spent. Whether that’s enough to build a durable bottom, or just a breather before the next test lower, is the question the firm itself hasn’t yet answered.
