Glassnode analysis reveals a divergence between Bitcoin's recent price appreciation and weakening on-chain metrics, suggesting the current rally lacks the market breadth needed to sustain a meaningful bull run.
Spot trading volumes declined 21.5% over the past week while on-chain activity continued contracting, according to the research firm's latest market pulse report. Aggressive buying pressure has notably softened across both spot and futures markets, signaling reduced conviction among active traders even as the price has moved higher.
Long-term Bitcoin holders have remained net sellers absent, and Bitcoin ETF products recorded fresh capital inflows, providing some technical support. However, Glassnode analysts conclude that while the market structure remains resilient, a sustained bull continuation will require substantially broader participation from new and existing buyers—a condition not yet evident in current data.