Glassnode: Bitcoin Stuck in Tight Range as ETFs and Liquidity Weigh
Glassnode's latest on-chain read shows BTC trading in a constrained range, with a pronounced supply cluster around $116,000 acting as key resistance. Continued ETF outflows and low on-chain liquidity are forcing many traders into defensive positions, limiting momentum for a decisive breakout. The combination of concentrated sell-side interest and shallow depth means volatility can spike on relatively small flows.
The area below $100,000 has emerged as a critical battleground where signs of seller exhaustion are beginning to appear, suggesting downside may be getting probed rather than readily extended. That said, the overall picture is one of market indecision: without renewed inflows or a liquidity improvement, a sustained trend is unlikely. Traders and investors should watch ETF flows and order-book depth closely, as those will likely determine whether BTC breaks higher, retests lower, or grinds sideways.