Bitcoin failed to hold a breakout above $85,000, with Glassnode data indicating mounting risks to the rally's sustainability. Glassnode reported that spot exchanges and U.S. ETFs averaged $6.8 billion in daily volume, below roughly 90% of trading days since January 2024. Glassnode said fresh capital accounted for less than 40% of the increase in Bitcoin's Realized Cap. Bitcoin options traders are leaning bullish. However, liquidation positioning indicates near-term downside risk, with Binance's largest visible bid block at $81,000 to $81,250.