Glassnode: Bitcoin stabilizes near $60000, with strong overall defensive sentiment in the market Odaily Planet Daily News: On chain data analysis firm Glassnode has released its latest weekly market summary, pointing out that Bitcoin has temporarily stabilized at the $60000 mark at this stage, but the overall market has prominent defensive features and lacks bullish confidence. The spot market is in a range consolidation, with increased trading activity, but funds continue to sell net, and market liquidity is mainly based on chip distribution, with no large-scale accumulation behavior observed; The derivatives market continues to deleverage, with traders prioritizing downward hedging protection, directional bullish single bets, and a low willingness to pay attention. Fund rates remain low, and overall risk appetite is weak. The institutional pressure is significant, and the overall US Bitcoin spot ETF has fallen into the unrealized loss range, with continuous net outflows of funds and low willingness of institutions to increase positions. Glassnode stated that the current market is in a cycle of structural adjustment and capital contraction, with only $60000 forming temporary support. There is no sign of recovery in spot orders, derivative positions, and institutional funds. If we want to break out of a sustained upward trend, it is necessary to significantly restore the confidence of buyer funds.