Investors who accumulated Bitcoin are selling out of "fatigue," says Glassnode.

Source: PortaldoBitcoin Original Title: Investors who accumulated Bitcoin are selling out of “fatigue,” says Glassnode Original Link: https://portaldobitcoin.uol.com.br/investidores-que-acumularam-bitcoin-estao-vendendo-por-cansaco-diz-glassnode/ Bitcoin has once again faced selling pressure over the past few weeks, retreating below $90,000 and showing technical and on-chain signs that the market may be entering a phase of exhaustion. According to on-chain data analysis, several indicators that historically mark the end of prolonged corrections are beginning to appear again, suggesting that some investors are selling not out of panic, but out of fatigue after months of instability.

The weakening of the momentum became evident when the Relative Strength Index (RSI) fell from 34.1 to 27.3 points in just seven days, putting the asset in oversold territory. Such low readings typically indicate seller exhaustion and early moments of stabilization.

This deterioration is also visible in the derivatives markets: the accumulated volume delta (CVD) of futures plummeted to -US$ 449.9 million, while that of perpetuals fell to -US$ 1 billion, clearly showing the dominance of bearish pressure. Still, leverage remains contained — open interest remained stable at US$ 34.5 billion —, suggesting a more orderly correction than abrupt.

In the spot market, volumes remained virtually unchanged, around $13.5 billion for the week, while Bitcoin ETFs recorded a slowdown in net outflows, which fell by 36.9%, from -$1.2 billion to -$774 million during the period. The moderation indicates that traditional investors are slowing down their selling pace.

In the options segment, the scenario remains defensive, with a strong search for protection: the 25% delta bias reached 9.52% and the volatility gap rose to 8.44%, signaling an expectation of more intense fluctuations.

On-chain activity also shows that the market is slower. Transfer volumes dropped by 6.8% to $12.5 billion in seven days, and transaction fees fell by 14.3%, depicting a less congested and less speculative network.

The realized market capitalization of Bitcoin also fell, from 2.5% to 2.1%, reflecting weaker capital flow. At the same time, BTC profitability deteriorated: the portion of the supply in profit dropped to 70.2%, and the Unrealized Net Profit/Loss (NLRL) reached -12.4%, typical stress levels in advanced phases of correction.

Exhaustion among holders and consolidation phase

On-chain analyses also identified significant changes in the composition of investors. The ratio between the supply of long-term holders (LTH) and short-term holders (STH) shifted from 18.4% to 19.1%, indicating that more coins are currently in the hands of short-term participants — a profile that tends to react more sensitively to price fluctuations.

According to on-chain analysis experts, long-term holders have been taking profits since July due to “fatigue” after months of volatility without a clear direction. Many have accumulated gains of 60% to 80% and decided to sell in light of the lack of sustainable market momentum. It is emphasized, however, that this pattern does not correspond to that of a deep bear market: large investors and whales are not liquidating positions en masse, and larger groups continue to absorb the sales from smaller ones and short-term speculators.

The set of metrics points to a consolidation phase, which will depend on the continued decline in selling pressure. If historical patterns repeat, Bitcoin may be building a local floor between $94,000 and $100,000 — a range that has previously served as a demand recovery zone in earlier cycles.