glassnode: Excess leverage has been cleared after the crash, structural capital and institutional demand remain

ChainCatcher news, glassnode released its weekly market report stating that despite the severe impact of the crash event, the overall market structure remains intact. Bitcoin's spot trading volume continues to be high, ETF inflows are ongoing, and the adjusted transfer volume indicates strong on-chain activity. These dynamics suggest that while leveraged participants have been forced to exit, structural capital and institutional demand still exist.

Deleveraging marks a significant and necessary adjustment in the Bitcoin market. Excess leverage has been cleared, speculative positions have been reduced, and short-term market sentiment has been readjusted. While liquidity and broader market participation remain unchanged, momentum has slowed, and profit-taking has cooled. The market is currently entering a consolidation phase characterized by a renewed caution, selective risk-taking, and a more cautious rebuilding of confidence in both the spot and derivatives markets.