glassnode: Bitcoin shows early signs of recovery, but market sentiment and positioning remain cautious
Jinse Finance reported that glassnode released its weekly market commentary, stating that although bitcoin rebounded to around $94,000, the market remains unconvinced. Market momentum has improved and trading volume has increased, but spot CVD (Cumulative Volume Delta, a key metric for measuring the net difference between buyers' and sellers' trading volumes) and open interest have both declined, indicating intensified potential selling pressure. Meanwhile, options trading shows a demand for hedging downside risks, and ETF outflows suggest weak market demand. Overall, bitcoin is showing early signs of recovery momentum, but market sentiment and positions remain cautious, indicating that the market is still rebuilding confidence after recent volatility.
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