Spot Market Conditions
Spot market conditions for Bitcoin are showing early signs of improvement with increased trading volume and decreasing sell-side pressure, according to Glassnode analysts. The firm reported a modest lift in spot Bitcoin trading volume, while the net buy-sell imbalance has broken above its upper statistical band.
This signals a clear reduction in sell-side pressure, Glassnode stated on Monday. Despite this improvement, spot demand remains fragile and uneven, the firm added.
Current Market Performance and Outlook
Bitcoin declined almost 3% from its weekend high of $95,450 to trade around $91,550 as markets continue to digest fallout from the latest escalation in the U.S.-EU trade war. The asset remains up 6% since the beginning of the year.
Overall, Bitcoin remains in consolidation, but internal conditions are improving, Glassnode said. Markets are gradually rebuilding, the firm noted. While defensive positioning persists, strengthening buy-side dynamics and renewed institutional interest suggest a gradual rebuild toward a more constructive market structure.
Historical Parallels and Potential Rally
Analysts at Swissblock said the decline in Bitcoin network growth and a recent liquidity drain resemble conditions last seen in 2022. Similar network levels back then triggered a Bitcoin consolidation phase as network growth began to recover, even while liquidity remained weak and bottomed out, they noted.
History shows that the subsequent surge in both metrics fueled the major bull run, Swissblock said. The firm suggested current conditions could precede a similar rally if crypto liquidity and network growth follow historical patterns.
Expert Commentary on Market Dynamics
Gracie Lin, CEO at OKX Singapore, said the report suggests the market has absorbed much of the late-2025 profit-taking and that sell-side pressure is easing. Long-term holders appear less inclined to sell into every rally, while ETF flows continue to show institutions buying pullbacks, she explained.
With fresh tariff headlines, softer growth signals across parts of Asia-Pacific, and record gold prices in the background, this strengthens the case for Bitcoin being treated less as a short-term trade and more as a portfolio hedge, Lin said. Volatility remains a feature of the asset, she added.