Glassnode said in its latest weekly report that Bitcoin remains in an early uptrend, though the move has yet to draw broad market participation. The firm pointed to a sharp slowdown in U.S. spot Bitcoin ETF inflows after roughly $1 billion in net inflows on both Sept. 21 and Sept. 22, with daily inflows falling to $24 million by Sept. 28. On Binance’s spot order book, Glassnode identified a sell wall between $85,000 and $85,500, adding that the wall has tripled in size since first appearing on Sept. 24. The report also placed the first support level at the true market mean of $77,200. Average daily total Bitcoin trading volume stands at about $6.4 billion, near the bottom of the range seen since spot ETFs launched. Glassnode also said long-term holder selling has picked up, with their share of total realized profit rising from 34% to 55%. According to the report, a break above the sell wall alongside higher trading volume and a rebound in ETF inflows would confirm an expansion of the uptrend, while a daily close below $77,200 would weaken the trend.
Glassnode said in its latest weekly report that Bitcoin is still in an early uptrend, but the rally has not yet attracted broad participation.
The report said U.S. spot Bitcoin ETFs recorded about $1 billion in net inflows on Sept. 21 and Sept. 22, respectively. Those inflows then kept slowing, falling to $24 million by Sept. 28.
Sell wall sits between $85,000 and $85,500
Glassnode said Binance’s spot order book shows a sell wall in the $85,000 to $85,500 range. The firm added that the wall has grown to three times its original size since it first appeared on Sept. 24.
Below the market, the first support level is the true market mean at $77,200, according to the report.
Trading volume remains near the low end of the post-ETF range
Bitcoin’s total trading volume is currently averaging about $6.4 billion a day, near the bottom of the range seen since spot Bitcoin ETFs began trading.
Glassnode also said selling by long-term holders has increased. Their share of total realized profit rose from 34% to 55%.
What Glassnode is watching next
The report said a move through the sell wall, if accompanied by higher trading volume and a recovery in ETF inflows, would confirm that the uptrend is expanding. A daily close below $77,200 would weaken the trend.
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