Glassnode: The market needs to rebound in the short term to reassure new investors, and contract data indicates that speculative enthusiasm has cooled.

On August 7, on-chain data analysis firm Glassnode released the latest issue of its on-chain weekly report, themed "Bitcoin Market Enters Liquidity Vacuum: The Game of Key Support and Demand Recovery." Glassnode cited data in the report stating that after Bitcoin reached an all-time high of $123,000 in mid-July, it entered a consolidation phase, with the price currently having dropped below the supply dense area based on $116,000. On July 31, the price further broke below the lower edge of this range, sliding into a liquidity thin "vacuum gap" that extends downward to $110,000. Despite some Buy the Dips behavior, the market has yet to reclaim the key resistance level. The profit ratio of short-term holders has dropped from 100% to 70%. If demand does not rebound quickly, the confidence of new investors may weaken, leading to more selling pressure. Meanwhile, Bitcoin ETF saw a net outflow of 1,500 BTC on August 5, marking the largest single-day outflow since April 2025. The funding rate in the Perpetual Futures market has also declined, indicating a reduced willingness to enter long positions with leverage and a cooling off in market speculation.