Tony Kim
May 19, 2025 16:45
Bitcoin reaches $ 106K, adding 97%of the supply to profit. Despite the strong ETF and options market, cooling Netflows and weakening points and futures activities suggest potential market correction.
According to GlassNode, Bitcoin has experienced significant surge, the price is $ 106,000, and 97%of the supply has been raised to the profit zone. This milestone represents a transition to a high -risk processing stage for the cryptocurrency market.
Market epidemiology
The ETF and the options market continue to show their strength, and both sects show high indicators and rising indicators. Interest and volatility prices in the option market are accelerated, and the ETF market value indicates that profits that are not realized at the ratio of realization value (MVRV) are rising. Nevertheless, ETF Netflows has been cooled for three consecutive weeks, reducing the inflow of new capital and emphasizing the potential vulnerability of market support.
Spot and futures market trends
On the contrary, the field and futures markets are showing signs of weakness. The Spot market has fallen below the low band, and the cumulative volume delta (CVD) has been turned into negative numbers, indicating a decrease in retail and discretion. The future interest interest is still increasing, but the financing rate and permanent CVDs are hesitant depending on the aggressive long -term positioning period.
Market correction potential
The current market conditions suggest that the upcoming corrections if new capital does not enter the market to maintain its current level. The dominance of profitable supply increases the risk of corrective stage if demand does not continue to increase.
Off chain and hot chain indicators
Off Chain Indicators reflect powerful ETFs and options markets, but warm chain data refer to cooling demand, as proved by a decrease in net flow and spot activity. These factors are offered a total slowdown in potential slowdown unless market epidemiology changes.
For more details, see GlassNode’s original analysis.
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