Glassnode: Institutional investors are accumulating again during Bitcoin consolidation, and the market structure is gradually improving.

Glassnode's weekly market analysis report released on Monday showed a significant reversal in US spot Bitcoin ETF flows, with strong inflows indicating institutional investors are rebuilding their BTC holdings. While ETF trading volume has increased, the risk of profit-taking remains a concern. Bitcoin has retreated from its recent high of $98,000 to around $90,000. Although the Relative Strength Index (RSI) declined slightly on January 14th, it remains above neutral, indicating the market is in a consolidation phase rather than a trend deterioration. Spot trading volume has increased moderately, with the net buy-sell imbalance exceeding the statistical upper limit, reflecting a significant easing of selling pressure, but demand remains cautious. Futures open interest has increased slightly, indicating speculators are cautiously rebuilding positions; a sharp drop in funding rates suggests reduced urgency for long positions. The options market still prices high uncertainty, and downside protection remains in demand. On-chain activity is stabilizing, with improved active addresses and transaction volume, and a slight increase in network fees. High supply from short-term holders makes prices sensitive to volatility. Overall, Bitcoin is currently in a consolidation phase, but buying pressure is increasing, and institutional interest is returning, causing the market structure to evolve in a more constructive direction.