Glassnode says BTC holds most of August surge as market enters transition

Bitcoin has held on to most of its sharp August gains after rebounding from a low near $64,000 and was trading around $78,300, according to Glassnode. In a market report on Aug. 31, Glassnode said institutional investment demand remained solid across the broader crypto market, while trading activity in both spot and derivatives markets showed some slowing. The on-chain analytics firm added that price momentum remained above its statistical upper threshold, but secondary-market turnover and spot cumulative volume delta, or CVD, suggested a possible shift in taker-side supply and demand flows, while retail investor participation was also easing. In summary, Glassnode said the market appears to have entered a cautious transition phase.