🐹 Glassnode analysts note that the market has shifted from a phase of euphoria to a stage of re-evaluation:

🔴 Indicators suggest overselling and seller fatigue, creating conditions for a potential rebound.

🔴 The market structure remains fragile: weak demand, declining volumes, and increasing interest in protection against downturns indicate participants' caution.

🔴 Institutional flows are weakening, and activity in spot and derivatives is decreasing.

🔴 Overall — the market has cooled, and any recovery now will be vulnerable to external negative events.