BlockBeats News, August 13th, glassnode published a market insight stating that Bitcoin is currently sandwiched between the median realized price (around $63,000) and the short-term holder cost basis (around $68,700), spot volume hit the lowest level since 2019, putting the market in an extremely quiet and compressed state. Despite core inflation falling to 2.5% in July and the stock market hitting new highs, Bitcoin showed almost no response and even weakened, indicating a significant lack of demand.

On the other hand, selling pressure is diminishing: profit-taking supply is close to previous bear market bottoms, the seller exhaustion index hit a cycle low, the adjusted SOPR has been rejected near breakeven nine times. Meanwhile, buyers continue to be absent, ETF net inflows are minimal, coins are still flowing into exchanges; derivative leverage positions have already gone long on a large scale ahead of time, open interest relative to volume is high, and the buy-side of the order book is thinning.

glassnode believes the key watchpoints are around $68,700 to the upside and around $58,500 to the downside: effectively reclaiming the former accompanied by a rebound in volume and ETF inflows may confirm improvement, while breaching the latter could lead to accelerated downside under thin buy support and crowded longs. Glassnode remains cautious overall, seeing this as a late-stage bear market compression phase with no real demand signals yet.