{"id":7263,"date":"2026-03-06T11:41:39","date_gmt":"2026-03-06T11:41:39","guid":{"rendered":"https:\/\/cryptonews.uk.com\/?p=7263"},"modified":"2026-03-06T11:41:39","modified_gmt":"2026-03-06T11:41:39","slug":"bitcoin-hovers-around-70k-as-weak-demand-and-defensive-positioning-signal-fragile-market-says-glassnode","status":"publish","type":"post","link":"https:\/\/cryptonews.uk.com\/?p=7263","title":{"rendered":"Bitcoin Hovers Around $70K as Weak Demand and Defensive Positioning Signal Fragile Market, Says Glassnode"},"content":{"rendered":"

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  • Bitcoin\u2019s 30-day smoothed realised profit average contracted roughly 63%, from above US$1 billion (AU$1.41 billion) to approximately US$370 million (AU$522 million) per day.<\/span><\/li>\n
  • About 57% of Bitcoin supply currently sits in profit, breaching a statistical threshold that historically preceded extended bear markets in May 2022 and November 2018.<\/span><\/li>\n
  • Options markets signal cautious positioning for a relief rally, with the put\/call ratio collapsing from 1.89 on Feb. 28 to 0.4 and roughly US$14.5 million (AU$20.4 million) in net call premium building at the US$75,000 strike over the past week.<\/span><\/li>\n<\/ul>\n<\/div>\n<\/div>\n

    Bitcoin\u2019s buy-side demand has deteriorated sharply, according to Glassnode, with on-chain data showing weaker profit-taking and supply conditions slipping into levels that have historically marked the start of bear market phases.<\/p>\n

    Bitcoin has failed to post a daily close above US$70,000 (AU$99K) since early February, leaving prices stuck in consolidation. Overall, Glassnode noted that the 30-day smoothed average of realised profits fell from more than US$1 billion (AU$1.53 billion) per day to about US$370 million (AU$566 million), its weakest reading since August-September 2024.\u00a0<\/p>\n

    \"\"\"\"
    Source: Glassnode.<\/figcaption><\/figure>\n

    The metric is used as a proxy for buyer participation and capital inflows.\u00a0<\/p>\n

    But another warning sign is the share of Bitcoin supply still in profit. That figure has dropped to 57%, below the -1 standard deviation level near 60% that Glassnode said has historically aligned with early bear market conditions.\u00a0<\/p>\n

    The report noted similar breaks in May 2022 and November 2018, both of which were followed by extended downturns. Still, not all indicators point in the same direction.<\/p>\n

    Glassnode said short-term holders who bought Bitcoin between one week and one month ago have a cost basis near US$70K, making that area an important resistance and distribution zone, and it also identified US$68,500 to US$71,500 (AU$101K) as the key near-term trading range.<\/p>\n

    Read more: Jamie Dimon Warns Stablecoin Yield Fight Could Threaten US Financial System<\/strong><\/p>\n

    US Spot Bitcoin ETFs See Renewed Influx<\/h2>\n

    Similarly, US spot Bitcoin ETF flows have started to stabilise after heavy redemptions.\u00a0<\/p>\n

    Since November 2025, the products have seen about US$7.8 billion (AU$11.93 billion) in net outflows, equal to roughly 12% of total ETF assets, but the seven-day moving average has begun to flatten.<\/p>\n

    \"\"\"\"<\/figure>\n

    Related: Aussie Startup Trains Living Human Brain Cells to Play Doom<\/strong><\/p>\n

    At press time, Bitcoin is trading at $71.2K, a 2% decrease in the past 24 hours, according to data from CoinMarketCap.<\/p>\n<\/p><\/div>\n

    Bitcoin,Market Analysis#Bitcoin #Hovers #70K #Weak #Demand #Defensive #Positioning #Signal #Fragile #Market #Glassnode1772797299<\/p>\n","protected":false},"excerpt":{"rendered":"

    Bitcoin\u2019s 30-day smoothed realised profit average contracted roughly 63%, from above US$1 billion (AU$1.41 billion) to approximately US$370 million (AU$522 million) per day. About 57% of Bitcoin supply currently sits in profit, breaching a statistical threshold that historically preceded extended bear markets in May 2022 and November 2018. Options markets signal cautious positioning for a<\/p>\n","protected":false},"author":1,"featured_media":7264,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[7],"tags":[2971,91,3104,693,3105,2858,3102,43,682,278,3103],"class_list":{"0":"post-7263","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin","8":"tag-70k","9":"tag-bitcoin","10":"tag-defensive","11":"tag-demand","12":"tag-fragile","13":"tag-glassnode","14":"tag-hovers","15":"tag-market","16":"tag-positioning","17":"tag-signal","18":"tag-weak"},"yoast_head":"\nBitcoin Hovers Around $70K as Weak Demand and Defensive Positioning Signal Fragile Market, Says Glassnode - Crypto News: Latest Cryptocurrency News and Analysis<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptonews.uk.com\/?p=7263\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Hovers Around $70K as Weak Demand and Defensive Positioning Signal Fragile Market, Says Glassnode\" \/>\n<meta property=\"og:description\" content=\"Bitcoin\u2019s 30-day smoothed realised profit average contracted roughly 63%, from above US$1 billion (AU$1.41 billion) to approximately US$370 million (AU$522 million) per day. 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