According to data from Glassnode, Bitcoin has rebounded sharply from ~$114K to nearly $121K, lifting the market out of a “seller exhaustion” phase. However, several indicators suggest this recovery still requires close monitoring.
🔹 Volatility: The Volatility Spread sits at 10.45%, near its low band – indicating relatively “calm” volatility pricing, though it may also reflect complacency.
🔹 Realized Profit/Loss: The Realized P/L Ratio is at 1.92, showing most investors are locking in profits rather than losses, which could add selling pressure at higher prices.
🔹 ETF & Spot Volume: ETF volume ($13.73B) and Spot volume ($5.71B) are both near low bands, suggesting limited fresh capital inflow despite the price rebound.
💡 Summary: Upward momentum is returning, with on-chain metrics improving, but weak liquidity and high profitability levels could quickly shift sentiment. The $121K level will be a key short-term area to watch.
