Bitcoin Hits $64,000: Sell Pressure Is 'Easing,' Glassnode Says

However, funding rates remain positive, meaning long-biased positioning persists, while options markets continue pricing elevated downside protection relative to realized volatility.

Why The ETF Picture Is Concerning

Glassnode noted that institutional demand has softened meaningfully. Spot ETF volumes declined alongside net capital outflows, and aggregate ETF holdings now sit near their cost basis, leaving regulated investors with little unrealized profit. 

On-chain profitability remains under pressure with realized losses exceeding profit-taking, though the pace of capital outflows is beginning to moderate, the first early sign that selling pressure may be stabilizing.

What This Means For Bitcoin’s Next Move

Glassnode’s overall read is that market structure sits caught between two forces. Short-term selling pressure persists while longer-term positioning stays relatively resilient.

Weak liquidity, softer institutional flows, and elevated loss realization favor continued consolidation until institutional demand returns or the range breaks.

Key levels for BTC:

• $65,000 — upper range boundary, reclaiming it shifts short-term bias
• $62,000 — lower range support, loss reopens $58,000

Image: Shutterstock

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

To add Benzinga News as your preferred source on Google, click here.