Glassnode: The market needs a short-term rebound to appease new investors, and contract data shows that speculative enthusiasm has cooled.

Mars Finance News: On August 7, blockchain data analysis institution glassnode released its latest on-chain weekly report, with the theme "Bitcoin Market Enters Liquidity Vacuum Zone: Game of Key Support and Demand Recovery". glassnode cited in the report that after Bitcoin reached a historical high of $123,000 in mid-July and entered a volatile phase, the price has fallen below the dense supply area based on $116,000. On July 31, the price further broke through the lower edge of this range, sliding into a liquidity-thin "air gap" extending downward to $110,000. Despite bottom-fishing behavior, the market has not yet recovered key resistance levels. The profitability of short-term holders has dropped from 100% to 70%, and if demand fails to rebound quickly, new investors' confidence may weaken, potentially triggering more selling pressure. Meanwhile, the Bitcoin ETF net outflowed 1,500 BTC on August 5, marking the largest single-day outflow since April 2025. The funding rates in the perpetual futures market simultaneously declined, indicating reduced willingness of leveraged long positions and cooling market speculation.