Glassnode sees early signs of stabilizing BTC sell pressure as outflows slow

Glassnode said in its latest market report that early signs are emerging of stabilizing selling pressure in the Bitcoin market as the pace of capital outflows has recently slowed. Spot trading volume and on-chain activity remain subdued, while spot ETFs are still seeing outflows, indicating selling pressure is still present, Glassnode said. Even so, the intensity of capital leaving the broader market is gradually weakening, with short-term selling and long-term held supply increasingly offsetting each other as the market moves toward balance. BTC fell from around $65,000 last week and has since posted a modest rebound while remaining range-bound, according to the report. Although no clear upside catalyst has emerged yet, Glassnode said continued moderation in capital outflows could allow the current sideways range to develop into a stabilization phase before the market sets its next direction.