glassnode: The future trend of Bitcoin may depend on whether institutional capital flows and buyer confidence can recover.

PANews August 19 news, according to glassnode monitoring, Bitcoin price rebounded to $121,000 after falling below $114,000 last week, on-chain activity and derivation market sentiment 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 once broke through statistical extremes before deleveraging, and the funding rate shows that traders still have demand for long positions, but confidence is relatively weak. ETF inflows were strong, with weekly inflows exceeding $880 million, indicating resilience in institutional demand, but the sustainability of inflows under price volatility remains to be observed. 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 profitability level is relatively high, with the supply profitability 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, contrasting active ETF inflows and derivation activities with weak on-chain signals. The subsequent trend may depend on whether institutional capital flow and buyer confidence can recover.