Glassnode’s weekly report reveals Bitcoin’s adjustment phase following a mid-July all-time high of $122,838, as it breaks below the $116K support amid low liquidity and notable ETF activity.
Glassnode’s weekly report indicates that Bitcoin is adjusting after reaching an all-time high of $122,838 in mid-July and declining to around $112K by July 31, breaking below the $116K support level. The report highlights that Bitcoin has entered a low-liquidity 'airgap' zone where short-term holders struggle to regain their cost basis. It also notes significant ETF activity with a 1,500 BTC outflow on August 5 followed by a net inflow of $91.5 million from major providers, and a perpetual futures funding rate below 0.1%, reflecting diminished speculative interest.