Glassnode’s Q3 report, written with Coinbase Institutional, described the market as being in the “early innings of a bottoming process,” with Bitcoin’s price remaining more dependent on the macro liquidity cycle than on crypto-specific catalysts. The report maintained a neutral outlook, noting that a durable low has not yet been established.
With stablecoin reserves still contracting and ETF flows turning negative, the market’s ability to absorb selling pressure appears constrained. The $63,700 level has been identified as a critical support, with a break below potentially exposing Bitcoin to a deeper decline toward the $60,000 area. The central tension now is whether institutional demand can reassert itself quickly enough to offset the liquidity drain, or whether the current pullback marks the start of a more prolonged consolidation phase?
Sources: Source 1 · Source 2 · Source 3 · Source 4 · Source 5 · Source 6
