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Is the Danger Over After Bitcoin’s Drop? Glassnode Explains Two Major Pressures
Glassnode, an on-chain analytics company, stated in its weekly Bitcoin report published today that ETF outflows and weak spot demand are putting pressure on the price. According to the company, while some leveraged positions have been cleared, market fragility persists.
The report, which examined data up to the close of trading on November 8, stated that Bitcoin finished the week at approximately $74,760. This represents a 4.5% loss compared to the previous Sunday’s close of $78,280.
Bitcoin briefly rose above $80,000 on Wednesday, but failed to maintain that momentum. A pullback began the following day and continued into Sunday, pushing the price down to its lowest level since August
$1.6 Billion Withdrew from ETFs
According to Glassnode’s report, US spot Bitcoin ETFs experienced net outflows on four out of five trading days. The total weekly outflow reached approximately $1.6 billion, the highest level since early July.
The increase in net outflows, which was approximately $701 million the previous week, indicated a weakening of demand for funds. Glassnode noted that traditional finance investors were withdrawing capital rather than reacting to the decline with purchases.
The profit share for ETF investors is also shrinking. The ETF MVRV indicator, which compares the market value to the cost of funds, fell from 1.32 to 1.30. According to the company, the average ETF investor’s unrealized profit is at its lowest level since August. This increases sensitivity to further declines.
Trading Volume Increased, But Buyers Couldn’t Keep Up with Sales
Data from the spot market also did not point to a strong buyer turnaround. The spot CVD indicator, which tracks the difference between aggressive buying and selling, turned negative from a positive level of approximately $6.6 million a week ago to a negative level of $91.8 million.
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Is the Danger Over After Bitcoin’s Drop? Glassnode Explains Two Major Pressures
Glassnode, an on-chain analytics company, stated in its weekly Bitcoin report published today that ETF outflows and weak spot demand are putting pressure on the price. According to the company, while some leveraged positions have been cleared, market fragility persists.
The report, which examined data up to the close of trading on November 8, stated that Bitcoin finished the week at approximately $74,760. This represents a 4.5% loss compared to the previous Sunday’s close of $78,280.
Bitcoin briefly rose above $80,000 on Wednesday, but failed to maintain that momentum. A pullback began the following day and continued into Sunday, pushing the price down to its lowest level since August
$1.6 Billion Withdrew from ETFs
According to Glassnode’s report, US spot Bitcoin ETFs experienced net outflows on four out of five trading days. The total weekly outflow reached approximately $1.6 billion, the highest level since early July.
The increase in net outflows, which was approximately $701 million the previous week, indicated a weakening of demand for funds. Glassnode noted that traditional finance investors were withdrawing capital rather than reacting to the decline with purchases.
The profit share for ETF investors is also shrinking. The ETF MVRV indicator, which compares the market value to the cost of funds, fell from 1.32 to 1.30. According to the company, the average ETF investor’s unrealized profit is at its lowest level since August. This increases sensitivity to further declines.
Trading Volume Increased, But Buyers Couldn’t Keep Up with Sales
Data from the spot market also did not point to a strong buyer turnaround. The spot CVD indicator, which tracks the difference between aggressive buying and selling, turned negative from a positive level of approximately $6.6 million a week ago to a negative level of $91.8 million.
#Write2Earn $BTC
