Glassnode analysts recorded a fall in liquidity and market cooling

Bitcoin price falling below $ 116,000 has led to a decrease in the credit shoulder on the market and a decrease in the profitability of short -term holders. This is stated in the report Glassnode analysts.

After updating the historic maximum at ~ $ 123,000 in July, the resistance zone was formed. Investors who bought bitcoin above $ 116,000 have suffered losses. Glassnode believes that a breakthrough of this level can be a signal of refund to buyers.

Despite the fall, purchases of about 120,000 BTC were recorded, which returned a price above $ 114,000. At the same time, this demand is not enough to overcome the resistance area.

Data on short -term holders (STH) indicate a balanced situation. The proportion of profitable positions among them decreased from 100% to 70% – a typical indicator for correction within the bog trend.

Source: Glassnode.

The average sth entrance price is ~ $ 106,000. Historically, this level is shared by the scourge and bears of the market phase.

Additional pressure was created by spot bitcoin-ETF. On August 5, 1500 BTC – the largest outflow since April 2025. Analysts recalled that such outflows were short -term.

The derivative market has cooling: funding rates in the segment of indefinite swaps have returned to the neutral zone. This indicates a decrease in speculative activity and the uncertainty of traders in rapid growth.

Finally, Glassnode noted that the bitcoin is in the equilibrium search phase. The price is clamped between support ~ $ 110,000 and a resistance of ~ $ 116,000. The market requires fresh demand to release from this range.

At the time of Bitcoin publication, it costs $ 116 602 (+2% per day), according to Coingcko.

15-minute BTC/USD graph at Binance. Source: TradingView.

Recall that in July the analyst Cryptoquant under the nickname Yonsei_dent predicted the peak of bitcoin in August.

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