Glassnode: Bitcoin has entered a deep oversold state, and the market may form an early bottom structure

Glassnode released a weekly market analysis report saying that although the current bitcoin trend is still clearly downward, the recent persistence of the mid-80,000 dollar indicates that if the selling pressure continues to weaken, the price may show signs of stabilizing. The cash market is thinly traded, the volume is weak, and the ETF funds continue to flow out, indicating that the market is moving from the aggressive selling phase to a more orderly de-risking phase. The options market remains defensive, with a high skewness and narrowed volatility spreads, indicating that the market expects future volatility to continue, but the panic has eased. On-chain activity remains subdued. Transfer volume, fee income, and realized capital changes all slowed down, indicating that the network is operating more calmly. Further deterioration in profitability metrics: Unrealized losses and realized gains and losses reflect deepening unrealized losses and increased supply concentration among short-term holders, a pattern consistent with the late correction. All in all, Bitcoin continues to fall within manageable limits and is now deeply oversold and under high pressure. While profitability remains under pressure, slowing outflows, stabilizing momentum, and insufficient accumulation of speculative leverage suggest that the market may be forming an early bottom structure in the $84,000 to $90,000 range.