Glassnode: Bitcoin Blocked 94,000 USD, Derivatives and On-Chain Signals Cautious

According to GlassNode, Bitcoin encountered resistance at $94,000, then fell to $87,000, and the upward momentum weakened as selling pressure increased and liquidity weakened.
On the one hand, futures unpositioned squaring contracts fell slightly, indicating mild risk aversion in the market rather than capitulation selling; perpetual contracts CVD fell below the lower limit, reflecting strong selling pressure. On the other hand, the number of active addresses fell slightly, but the entity-adjusted transfer volume broke through the upper limit, indicating active capital flow. At the same time, fee pressure has declined, indicating that demand for block space has weakened.
ETF flows have partly offset the fall in bitcoin prices, but the MVRV of ETFs has eased slightly, and profitability indicators remain weak. The market is currently in a consolidation phase, and while some indicators point to a pick-up in underlying trading activity and institutional interest, confidence remains uneven, leaving the market vulnerable to further declines or prolonged range swings before demand strengthens.