Key Insights
- •The BTC spot market appears healthy according to the latest report, despite the Bitcoin price dropping below $93,000.
- •The net buy-sell imbalance has moved above its upper statistical band, indicating that sellers are losing control.
- •Bitcoin remains up approximately 6% for the year, even after a recent price wobble.
Bitcoin (BTC) Spot Market Shows Constructive Signs Amidst Price Dip
Although the Bitcoin (BTC) price has fallen below $93,000, a recent on-chain report by Glassnode suggests that Bitcoin's spot market is beginning to show constructive signs. Spot trading volumes are increasing, and the sell-side pressure that had been impacting the price is easing. However, the report also cautioned that demand has not yet fully returned, highlighting the fragility of buying interest even with early data improvements.
Bitcoin (BTC) Price Momentum Remains Above Average, According to Glassnode Report
Glassnode reported that spot Bitcoin trading volume has seen a modest increase. The firm also observed that the net buy-sell imbalance has risen above its upper statistical band, which suggests that sellers are losing their grip on the market. Despite these positive indicators, Glassnode warned that spot demand remains somewhat shaky, with BTC buying interest appearing uneven and the market capable of rapid shifts.
This market uncertainty was reflected in price action. The Bitcoin price experienced a nearly 3% drop from its weekend high of around $95,450, settling near $91,158 as traders reacted to renewed tensions in the US-EU trade relations.
Even with this recent dip, the Bitcoin price is still up by approximately 6% year-to-date. The report indicated that the market is largely moving sideways at present. Nevertheless, Glassnode noted that underlying conditions are improving, and traders are gradually regaining confidence. Concurrently, the firm pointed out that many investors are still adopting a defensive stance.
However, the report also highlighted firmer buying activity and renewed institutional interest as indicators of a gradual shift towards a healthier market setup.
Bitcoin Price Analysis: Off-chain and On-chain Indicators Overview
Off-chain indicators are showing predominantly positive trends, with strong momentum from ETFs leading the way. In contrast, spot and futures markets are trending upwards at a moderate pace, while options activity remains subdued.
On-chain signals also lean positive. Metrics related to fundamentals, capital flows, and profit/loss are all showing moderate increases, suggesting a steady but not overheated recovery.
Bitcoin options open interest has increased from roughly $30.0 billion to $32.9 billion, indicating greater market participation. However, this level is still within its statistical range, suggesting that current positioning is not overheated.
Simultaneously, the volatility spread has widened from 42.8% to 44.6%, implying that traders are factoring in more risk and adopting a more defensive posture.
Meanwhile, the delta skew has slightly decreased from 5.85% to 5.73%, hinting at a minor reduction in demand for downside protection, although such demand persists.
More Portfolios are Leaning on Bitcoin (BTC) for Protection
The market has already absorbed a significant portion of the profit-taking that occurred in late 2025. Consequently, sell pressure is beginning to diminish. Essentially, long-term holders are no longer rushing to sell every time the Bitcoin price experiences a bounce. Concurrently, Bitcoin ETF flows indicate that institutions are stepping in to buy during price dips and pullbacks.
The broader macroeconomic environment is also benefiting Bitcoin (BTC) price action. Emerging tariff headlines, weakening growth signals in parts of APAC, and gold reaching record highs are all contributing to investors viewing Bitcoin less as a speculative short-term trade and more as a portfolio hedge. Despite these factors, volatility remains an inherent characteristic of the asset.
Analysts at Swissblock have noted on X that the BTC price is exhibiting signals that bear an uncomfortable resemblance to past patterns. They pointed to slower network growth and a recent drain in liquidity, suggesting that the current setup is similar to market conditions observed in 2022.
At that time, Swissblock stated that similar levels led to a prolonged consolidation period for the Bitcoin price. Network activity began a slow recovery, but liquidity remained weak and only bottomed out later.
Swissblock concluded that historical patterns offer a clear lesson: momentum followed once both network growth and liquidity began to increase concurrently, a rebound that ultimately helped initiate a major bull run.