Bitcoin steadies near $65K, but uptrend shift remains unclear: Glassnode

Bitcoin has stabilized around $65,000 after rebounding from a late-June low near $58,000, but it remains unclear whether the move marks a full shift into an uptrend, according to on-chain analytics firm Glassnode. Glassnode said active market buying in the spot market has risen sharply, while overall exchange trading volumes remain subdued, suggesting some aggressive buying demand has returned but broad market demand has yet to expand. In derivatives, it said aggressive directional trading has also increased. Taker activity in perpetual futures has moved above its statistical upper range, but open interest and funding rates have not risen excessively. Leverage is increasing, Glassnode said, but not to overheated levels. In the options market, lower costs for downside protection indicate investors' near-term caution is easing. The firm added institutional demand is the most positive signal. On-chain data also shows a rising share of short-term capital, indicating price-sensitive investors are returning to the market. At the same time, activity on the Bitcoin network itself remains weak, with both active addresses and fee revenue still at low levels, suggesting underlying blockchain demand has not clearly recovered. The share of BTC in profit has increased, but realized losses on-chain still exceed realized gains. Glassnode said Bitcoin is moving beyond the initial stage of recovery, though it is too early to conclude the market has shifted into a strong bull phase. Institutional buying and aggressive market buying are positive signs, it said, but spot liquidity and on-chain activity also need to recover for the uptrend to spread across the broader market.