Bitcoin Below On-Chain Metrics: ETF Outflows and Fed Pressure Persist

On-Chain Data and Cost Thresholds Bitcoin (BTC) continues to exhibit market weakness by trading below key on-chain valuation metrics.
According to the latest weekly report from Glassnode, the leading cryptocurrency is trading significantly below the "True Market Mean" of $79,000, which tracks the average cost basis of the active supply.
The analysis firm calculates the "Realized Price"—reflecting the average acquisition cost of all assets in circulation—at $54,900.
This figure is considered a structural floor and a fundamental support zone for the market.
ETF Outflows and Selling Pressure Current price movements indicate a cooling of institutional interest.
Glassnode data shows that net flows for U.S.
spot ETFs have shifted toward outflows.
This mechanism, which previously served as a steady source of demand, appears to have lost momentum in the current period.
Spot cumulative volume data across major exchanges has also turned negative, suggesting that active selling pressure is more dominant than passive liquidity gaps.
While there has been some improvement in on-chain accumulation metrics, the appetite of large investors has not yet reached desired levels.
Market Sentiment and Macroeconomic Impacts Positioning in the derivatives market reveals that while the sense of panic among investors has dissipated, strong optimism has yet to take hold.
Implied volatility has retreated from peak levels, and the demand for protection against downside risks has entered a normalization phase.
Market analyst Antonio Di Giacomo noted that Bitcoin is undergoing an adjustment period amid macroeconomic caution.
He emphasized the importance of monitoring resistance at the $70,000 level and intermediate support zones between $64,000 and $65,000.
On the macroeconomic front, minutes from the U.S.
Federal Reserve's latest meeting continue to pressure the market.
The hawkish tone in the minutes stresses the need for patience regarding interest rate cuts and keeps the possibility of additional tightening on the table if inflation persists.