Bitcoin To New Highs? It Might Take Longer Than You Think, Glassnode Report Says

by Murtuza J Merchant Benzinga Staff Writer

Zinger Key Points

Futures markets remain active, but open interest has declined by 7%, signaling reduced speculative positioning and caution among traders.
Falling funding rates and declining futures premiums highlight weakening conviction for long positions in the derivatives market.
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Bitcoin‘s BTC/USD chances of breaking to new all-time highs in the near term appear constrained, according to the latest analysis by blockchain intelligence firm Glassnode.

What Happened: The report highlights fading momentum, reduced on-chain activity, and declining investor profitability as key factors capping immediate upside.

The cryptocurrency briefly fell to $99,000 over the weekend amid rising geopolitical tensions but quickly recovered to $106,000 following reports of de-escalation.

Despite this volatility, Bitcoin remains range-bound between $100,000 and $110,000, a pattern it has sustained since early May.

Glassnode's data suggests that Bitcoin's structural support remains firm between $93,000 and $100,000, a zone where significant accumulation occurred in the first quarter of 2025.

“As long as the price holds above this range, the bull market structure remains intact,” the report noted.

However, it also warned that a break below this level could trigger deeper sell-offs.

Recent profit-taking activity appears to have tapered off following the third major wave of this market cycle.

Realized profits, which had already surpassed $650 billion in this cycle compared to $550 billion in the 2020–2022 period, are now cooling, indicating easing momentum.

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On-chain transfer volume has also dropped by around 32% since late May, reflecting reduced transaction activity and diminished investor engagement.

Also Read: Crypto Collateral For Stocks? Ouinex Beta Tests Direct Cross-Asset Trading

What’s Next: The recent climb toward the $111,000 mark was not accompanied by a surge in spot trading volume, which now stands at $7.7 billion, substantially lower than previous peaks seen earlier in the bull run.

The futures market remains active but with a less aggressive stance.

“Despite high trading volume, open interest dropped 7% and liquidations have surged on both sides,” the report said.

Funding rates and three-month futures basis are both trending lower, suggesting a more cautious environment with reduced appetite for leveraged long positions.

Glassnode stated that while Bitcoin's broader market structure remains supportive, current indicators point to a cooling phase where “the likelihood of a breakout to new all-time highs remains limited” unless there is a significant resurgence in demand and market conviction.

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