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BTC Glassnode in-depth analysis of Bitcoin's market dynamics after it exceeded US$85,000
Glassnode, a leading on-chain data analysis organization, conducted an in-depth analysis of Bitcoin's market conditions after the asset price exceeded US$85,000, focusing on discussing the core issue of "Bitcoin's future direction".
Shrinkage of trading volume and limited capital inflows
Glassnode observed that Bitcoin broke through the US$85,000 mark amid sluggish trading volume and limited new capital inflows, followed by a correction. The average daily trading volume of spot exchanges and U.S. exchange-traded funds (ETFs) recently averaged only US$6.8 billion, which is lower than the level of more than 90% of trading days since the beginning of 2024.
It is worth noting that new funds from ETFs, stablecoins and corporate treasuries accounted for less than 40% of the recent US$12.8 billion increase in market value. This means that price increases largely depend on existing holders being willing to take over at a higher price.
Profit-taking by short-term buyers and a recovery in options markets
Short-term investors who have recently bought locked in profits after Sunday's closing price exceeded $85,000, causing the share of profitable positions in the exchange to reach its highest level in a year. At the same time, options market sentiment has improved again, with the put/call ratio at the lower third of the 2026 range. Data shows that traders spend approximately $17 million more on call options per day than put options (based on a 30-day average).
Clearing-intensive areas and key price analysis
The current clearing-intensive area is mainly concentrated below the current price. The most recent larger clearing range is between $81,700 and $83,300, while the densest clearing band is around the lower range of $60,000 to $63,000.
Sellers piled up new sell order blocks around $86,500, while the largest buy order support level on the Binance platform was set at $81,000.
The impact of macro data lags behind the performance of counterfeit stocks
The macroeconomic data released this week only brought about a brief rise in Bitcoin, and U.S. stocks remained firm. Since the breakthrough in late September, the U.S. trading session has become a net selling force. Although altcoins led Bitcoin to strengthen in late September, they are currently lagging behind. In the past week, less than 30% of altcoins have outperformed the market, after their gains have shown signs of fatigue.
In addition, leverage ratios for large and mid-cap tokens have stretched to levels before the October 2025 selling wave. If prices continue to decline, the risk of forced liquidation will increase significantly.
Market Overview
As of the release of the report, the total market value of cryptocurrencies is approximately US$2.8 trillion. Bitcoin, an industry benchmark, has risen about 0.7% in the past 24 hours to trade at $82,787.
