Glassnode has reported that the Bitcoin
$111,661.47
market is showing patterns that often appear before periods of slowdown.
Data indicate that long-term investors have recently taken profits at levels similar to those of previous cycle peaks, while inflows into Bitcoin-related exchange-traded funds (ETFs) have weakened since the Federal Reserve reduced interest rates.
Bitcoin slipped under a key support zone near $112,000 and reached a four-week low of $108,700 on September 25. Markus Thielen from 10x Research noted that the earlier rebound off that level faded quickly.
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He also stated that while some market participants expect a year-end rally, the greater risk may be a further correction.
According to Glassnode, Bitcoin’s profit has exceeded 90% of activity three times in this market cycle, with the latest event occurring only recently.
The Spent Output Profit Ratio (SOPR) suggests that some traders are selling at a loss, a behavior linked to stressed markets. Meanwhile, the Short-Term Holder Net Unrealized Profit/Loss is approaching zero, which often prompts newer investors to exit and can trigger forced selling.
Glassnode concludes that unless institutional buyers and committed holders step back in, the risk of deeper weakness remains. Thielen adds that his firm is taking a neutral stance until Bitcoin is able to climb above $115,000 again.
On September 23, Michael Saylor, executive chairman of MicroStrategy, shared his views on how Bitcoin could begin rising again before the end of 2025. What did he say? Read the full story.
