glassnode: Excess leverage has been cleared after the crash, while structural capital and institutional demand remain

ChainCatcher reported that glassnode released its weekly market report, stating that despite the severe impact of the crash event, the overall market structure remains intact. Bitcoin spot trading volume continues to be high, ETF inflows persist, and entity-adjusted transfer volumes indicate strong on-chain activity. These dynamics suggest that while leveraged participants have been forced out, structural capital and institutional demand still exist.

Deleveraging marks a significant and necessary adjustment for the bitcoin market. Excessive leverage has been cleared, speculative positions have been reduced, and short-term market sentiment has been realigned. Although liquidity and broader market participation remain unchanged, momentum has slowed and profit-taking has cooled off. The market has now entered a consolidation phase, characterized by renewed caution, selective risk-taking, and a more prudent rebuilding of confidence in both the spot and derivatives markets.