glassnode: The Bitcoin market structure has shifted from thriving to fragile.

On August 27, glassnode released the market weekly report indicating that the Bitcoin market experienced significant volatility in the past week: in the spot market, the RSI indicator fell into an oversold state, momentum weakened, cumulative dumping pressure intensified, and trading volume remained stable but lackluster, all suggesting insufficient buyer confidence. In the futures market, open interest decreased, indicating a decline in leverage; meanwhile, financing payments increased significantly as long positions further expanded their advantage. The options market reflected a rise in cautious sentiment. Open interest slightly increased, but the volatility spread narrowed significantly, indicating a sense of complacency in the market. At the same time, the 25 Delta skew broke upwards, highlighting that traders are scrambling for downside protection to avoid potential downside risks. Various signs indicate that the market structure has shifted from flourishing to fragile. Both the spot and futures markets show signs of weakness, while options highlight hedging demand, and ETF fund flows reflect a cautious attitude from institutional investors. On-chain signals confirm weak demand, slowing capital inflows, and declining profitability. As volatility increases, the market trend in the coming weeks will depend on whether marginalized liquidity can return to stabilize the market, or if the selling wave will trigger a deeper consolidation.