Glassnode, the on-chain analytics firm, says Bitcoin’s mid-August short-squeeze rally ran out of steam near the $80,000 area after hitting resistance. Now price action is chopping around in a band between $83,000 and $86,000.
Glassnode also says that when Bitcoin revisited May levels, the share of circulating supply sitting in profit climbed from 65% to 68%. At the same time, the short-term holder cost basis rose to about $71,000. That points to coins changing hands through the summer months. And to heavier possible selling pressure. Unless buyers chew through the overhead resistance, the structural support zone between $62,000 and $65,000 is still the main downside marker.
Elsewhere, the 10-year U.S. Treasury yield jumped back to a cycle high of 4.8% in just eight trading days after a short-lived break tied to Treasury buyback news. Spot Bitcoin ETFs kept pulling in average daily net inflows of about $290 million. But secondary-market daily trading volume stayed muted, at roughly $3 billion, far below the levels recorded in the earlier expansion phase.
In options, short-term volatility skew has backed off from euphoric readings and returned to neutral. The quarterly options expiry on September 25, carrying open interest of around $14 billion, is being treated as a major volatility and positioning reference point for the market ahead.