According to Glassnode's weekly report, Bitcoin is adjusting post-ATH as it breaks key support, trading in a low-liquidity airgap amid significant ETF activity.
Glassnode's weekly report shows that Bitcoin, after reaching an all-time high of $122,838 in mid-July, has entered an adjustment phase. By July 31, the price fell to around $112,000, breaking below the $116,000 support level. The cryptocurrency is now in a low-liquidity 'airgap' zone where short-term holders struggle to regain their cost basis. Additionally, there was notable ETF activity with a 1,500 BTC outflow on August 5 and a subsequent net inflow of $91.5 million, while the perpetual futures market exhibits a funding rate below 0.1%.