Glass node: Bitcoin stabilizes temporarily at $60000, market lacks confidence, defense posture is obvious According to BlockBeats, on June 29th, Glassnode released its weekly market summary stating that the overall trend of Bitcoin is mainly defensive: the spot market is in a consolidation period. Trading activity has increased, but net selling continues, with liquidity mainly used for distribution rather than accumulation. The deleveraging in the derivatives market continues, and traders are more inclined towards downside protection rather than directional bets. The funding rate is relatively low, and the overall market tends to be cautious. In terms of institutions, US spot ETFs have turned into overall unrealized losses, with continuous net outflows, and institutional investors are unwilling to increase their positions. Although the trading volume remains high, the flow of funds is mainly focused on exits. Overall, Bitcoin is currently stabilizing around $60000, but spot order flow, derivative positions, and institutional demand are all maintaining a defensive stance. To achieve sustained recovery, a significant return of buyer confidence is required. At present, the market is still in the stage of structural adjustment and capital contraction. [Original link]