PANews August 19 news, according to glassnode monitoring, the price of Bitcoin rebounded to $121,000 after falling below $114,000 last week, and on-chain activity and sentiment in the derivatives market have improved. However, the decline in spot trading volume and high profit levels indicate that the market should be cautious.
In the futures market, open interest briefly broke statistical extremes before deleveraging, and the funding rate shows that traders still have demand for long positions, although confidence is relatively weak. ETF inflows are strong, with weekly inflows exceeding $880 million, indicating resilience in institutional demand, but the sustainability of inflows amid price fluctuations remains to be seen. On-chain data shows that user activity and transaction fees have slowed down, but adjusted transfer volumes have surged, indicating that capital flows may be related to market volatility.
The current market profit level is relatively high, with the supply profit ratio reaching 96%, but it has not reached an extremely optimistic state, and market sentiment remains cautious. Overall, the market has pulled back from its new high to around $114,000, with ETF inflows and active derivatives activity contrasting with weak on-chain signals. The subsequent trend may depend on whether institutional capital flow and buyer confidence can recover.
