Bitcoin’s break above the $85,000 sell wall came on light volume and limited fresh capital, and the price has since pulled back, according to a Glassnode report cited by BlockBeats on Oct. 7.
Glassnode said the seven-day average of combined daily volume across spot trading venues and U.S. spot Bitcoin ETFs was about $6.8 billion. That level was lower than roughly 90% of all trading days since January 2024.
Over the 30 days through Oct. 5, about $4.9 billion in new capital came from ETF flows, stablecoin growth and corporate treasury purchases. The report said that was less than 40% of the $12.8 billion increase in realized cap recorded over the same period.
On holder behavior, Glassnode said profitable short-term holders made up about 86% of exchange inflows on Oct. 4. The share was the highest in one year and suggested that recent buyers were taking profits into the rally.
In derivatives, the options market shifted back toward a bullish tilt. The ratio of put to call open interest stood at about 0.56.
Liquidation levels are now concentrated mostly below the current price. The nearest large cluster sits between $81,700 and $83,300, while the biggest buy wall on Binance is in the $81,000 to $81,250 range.
Glassnode said a recovery in spot volume and ETF buying, together with a firm close above $85,500, would indicate that the breakout has real support. In that case, a short liquidation cluster near $92,000 could come into range.
If buying around $81,000 fails, liquidation clusters below may be triggered. The report also said leverage in altcoins remains elevated, and a continued decline could lead to forced liquidations.