Market Rally Mirrors Historical Pattern
Bitcoin's recent rise to $69,000 marks a significant signal following sharp market correction. Glassnode analysis reveals current market structure shows strong resemblance to May 2022 pattern, warranting close monitoring of spot demand recovery.
Spot Demand Determines Rally Prospects
Overall market remains defensive, with cautious signals across spot, derivatives and on-chain metrics. While ETF and spot indicators are recovering from lows, futures and options positions maintain defensive stance, indicating sustained low risk appetite among market participants.
On-chain Activity Shows Divergence
- Underlying network activity shows strengthening signs
- Funds flow and profit/loss metrics continue weakening
- At $70K price level, unrealized losses account for 16% of total market cap
These figures suggest that despite improved network participation, market demand remains weak with limited profit potential. The market currently faces critical inflection point requiring investor vigilance.