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

Bitcoin (CRYPTO: BTC) hit $64,000 on Monday as sell pressure shows early signs of easing, though weak spot liquidity and ETF outflows keep conviction limited, according to Glassnode.

What Glassnode’s Weekly Pulse Report Found

Glassnode analyst Chris Beamish wrote in the firm’s Week 34 Market Pulse report that Bitcoin remains firmly range-bound after slipping from the $65,000 area over the past week.

Spot volumes and transaction throughput keep contracting, pointing to subdued liquidity and limited directional conviction across the market.

Derivatives tell a similarly cautious story. Leverage has expanded moderately but perpetual taker flows have turned increasingly sell-side, reflecting more aggressive distribution.

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.