Glassnode: Insufficient trading volume and new capital after Bitcoin broke through 85,000 USD; short-term holders took profits

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Analysis: Bitcoin’s rise lacks support from trading volume and new capital, while short-term investors chose to take profits during the rally

BlockBeats news,October 7, Glassnode’s report stated that after Bitcoin broke through 85,000 USD sell wall, trading volume was low and incremental capital was limited, after which it retreated. The combined average daily trading volume of spot trading platforms and U.S. spot ETF was 7 on average per day, 6800000000 USD below the 2024 level since January approximately 90%of trading days. As of October 5 within 30 days,ETF stablecoin growth, and corporate treasury purchases brought approximately 4900000000 USD in new capital, less than of the increase in realized capitalization of 12800000000 USD during the same period.October 4, profitable short-term holders accounted for approximately 86%of exchange inflows that day, the highest proportion in 1 years, indicating that recent buyers are taking profits. The options market has shifted bullish again, with the ratio of open put options to call options at approximately 0.56.

Recent liquidation levels have been concentrated mainly below the price. The latest large cluster is located between 81,700 and 83,300 USD，Binance, while the largest buy order zone is between 81,000 and 81,250 USD. If spot trading volume and ETF buying recover and the price closes firmly above 85,500 USD, it will indicate that the breakout has genuine support, and the short liquidation cluster near 92,000 USD may also come within reach. If the 81,000 USD buy zone is breached, the liquidation clusters below may be triggered; leverage in altcoins remains elevated, and a continued decline could trigger forced liquidations.

Original article link https://m.theblockbeats.info/flash/370628

Key points

Glassnode’s report stated that when Bitcoin broke through 85,000 USD sell wall, trading volume was low and incremental capital was limited, after which it retreated.
spot trading platforms and US spot ETF of the combined average daily trading volume 7 the average daily figure was approximately 6800000000 USD, below 2024 years January approximately since 90%trading days.
As of October 5 within the 30 days,ETF, stablecoin growth, and corporate treasury purchases brought in approximately 4900000000 USD in new funds, less than 12800000000 USD two-fifths of the increase in realized market capitalization over the same period.
October 4, profitable short-term holders accounted for approximately 86%of exchange inflows that day, a ratio that reached a 1-year high.
The options market has shifted bullish again, with the ratio of open put options to call options at approximately 0.56。
Recent large liquidation clusters were located at 81,700 to 83,300 USD with Binance’s largest buy order zone located at 81,000 to 81,250 USD。
If spot trading volume and ETF buying recover and hold firmly above 85,500 USD, 92,000 USD short liquidation clusters near may come within reach.
If the buy support at 81,000 USD is breached, lower liquidation clusters may be triggered; altcoin leverage remains high, and continued declines could lead to forced liquidations.

AI-assisted interpretation

The following is analysis, separate from reported facts. Verify important claims independently.

Trading volume and new capital can help determine whether an upward move continues to have sustained support from market participants. The information shows that trading volume was low when Bitcoin rose, while new capital was also lower than the increase in market capitalization over the same period; meanwhile, profitable short-term holders transferred more funds to trading platforms, which may indicate that some are taking profits by selling.

Why it matters to readers

Key observation zones are whether stability can be maintained above 85,500 USD and whether buy support near 81,000 USD fails. The former may indicate support for the uptrend, while the latter could trigger downward liquidation pressure.

This indicates that a price increase does not necessarily represent strong buying pressure. Beginners should monitor trading volume,ETF buying pressure, and the risk of leveraged liquidations, and should not judge a trend to be firmly established solely because prices are rising.

Risks and unknowns

The information is a Glassnode report relayed by BlockBeats and does not provide a link to the original Glassnode report.
The evidence does not indicate whether the prices and data cited in the report represent the current real-time market state.
The evidence does not confirm that the liquidation cluster below will necessarily be triggered.

Glassnode: Insufficient trading volume and new capital after Bitcoin broke through 85,000 USD; short-term holders took profits

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