Bitcoin

Spot

Spot market conditions for Bitcoin are showing early signs of improvement with increased trading volume and decreasing sell-side pressure, according to analysts from Glassnode. 
There has been a “modest” lift in spot Bitcoin (<a href="/bitcoin-price">BTC</a>) trading volume, “while the net buy–sell imbalance has broken above its upper statistical band,” <a href="https://insights.glassnode.com/btc-market-pulse-week-4-2026/" rel="noopener nofollow" target="_blank">reported</a> Glassnode on Monday.&nbsp;
This signals a “clear reduction in sell-side pressure,” but despite this, spot demand “remains fragile and uneven,” it added.&nbsp;
Bitcoin declined almost 3% from its weekend high of $95,450 to trade at around $92,550 at the <a href="https://cointelegraph.com/news/bitcoin-price-holds-dollar93k-proving-bulls-see-a-buy-the-dip-opportunity">time</a> of writing as markets continue to digest the fallout from the latest escalation in the <a href="https://cointelegraph.com/news/bitcoin-down-gold-futures-up-europe-threatens-trade-bazooka">US/EU trade war</a>.&nbsp;
The asset remains up 6% since the beginning of the year.&nbsp;
“Overall, Bitcoin remains in consolidation, but internal conditions are improving,” said Glassnode, adding that markets are <a href="https://cointelegraph.com/news/bitcoin-shows-strength-at-92k-but-is-the-bottom-in">gradually rebuilding</a>.&nbsp;
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 “While defensive positioning persists, strengthening buy-side dynamics and renewed institutional interest suggest a gradual rebuild toward a more constructive market structure.”
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<h2 id="bitcoin-treated-as-portfolio-hedge">Bitcoin treated as portfolio hedge</h2>
Gracie Lin, CEO at OKX Singapore, told Cointelegraph on Tuesday that the report suggests the market has absorbed much of the late-2025 profit-taking and that sell-side pressure is easing.&nbsp;
“Long-term holders appear less inclined to sell into every rally, while ETF flows continue to show institutions buying pullbacks,” she said.&nbsp;
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 “With fresh tariff headlines, softer growth signals across parts of APAC, and record gold prices in the background, that strengthens the case for Bitcoin being treated less as a short-term trade and more as a portfolio hedge — even as volatility remains a feature of the asset.”
</blockquote>
Related: <a href="https://cointelegraph.com/news/analysts-tip-risk-appetite-return-bitcoin-futures-oi-climbs-13">Bitcoin futures OI rebounds 13% as analysts see cautious return of risk appetite</a>
<h2 id="liquidity-decline-precursor-for-a-rally">Liquidity decline precursor for a rally</h2>
Analysts at Swissblock said the decline in Bitcoin network growth and a recent liquidity drain resemble conditions last seen in 2022.&nbsp;
Similar network levels back then “triggered a BTC consolidation phase as network growth began to recover, even while liquidity remained weak and bottomed out,” they added.&nbsp;
“History shows that the subsequent surge in both metrics fueled the major bull run,” said Swissblock.
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 <img src="https://s3.cointelegraph.com/uploads/2026-01/019bd95b-c9e1-70c2-890f-b5383edd7d77.jpg" title="" alt="Bitcoin’s ‘internal conditions’ are improving: Glassnode">
 <figcaption style="text-align: center;">
 Network growth and liquidity fall to 2022 levels. Source: <a href="https://x.com/swissblock__/status/2013336787192578130" rel="nofollow noopener" target="_blank" title="https://x.com/swissblock__/status/2013336787192578130">Swissblock</a>
 </figcaption>
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Magazine: <a href="https://cointelegraph.com/magazine/michael-saylor-bitcoin-treasury-company-us-clarity-act-zcash-hodlers-digest/">Wintermute on crypto recovery, BTC allocation cut on quantum risk: Hodler’s Digest</a>

Bitcoin’s ‘internal conditions’ are improving: Glassnode

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