PANews August 19 news, according to glassnode monitoring, Bitcoin price rebounded to $121,000 after falling below $114,000 last week, on-chain activity and derivation market sentiment have improved. However, the decline in spot trading volume and high profit levels indicate that the market needs to be cautious.
In the futures market, open interest once broke through statistical extremes before deleveraging, and the funding rate shows that traders still have demand for the long position, but confidence is relatively weak. ETF inflows are strong, with weekly inflows exceeding $880 million, indicating resilience in institutional demand, but the sustainability of inflows amid price volatility remains to be observed. On-chain data shows that user activity and transaction fees have slowed, but adjusted transfer volume has surged, indicating that capital flows may be related to market fluctuations.
The current market profit level is relatively high, with a profit supply ratio of 96%, but it has not reached an extremely optimistic state, and market sentiment remains cautious. Overall, the market has pulled back from new highs.