Bitcoin Dives to $104K, Recovers to $111K as Glassnode Signals Risk-Off Shift and Fragile Market Structure

COINOTAG News reports a Bitcoin price drop after a Glassnode study, with the digital asset sliding from $115,000 to a $104,000 intraday low over four days. The move triggered a risk-off rotation across markets, followed by a partial rebound to around $111,000.

Spot trading volume contracted during the pullback, signaling waning market confidence. Futures open interest declined and funding rates fell, reflecting a shift toward risk-off positioning. In the options arena, demand for downside protection surged, lifting the 25 Delta skew.

On-chain signals show rising short-term holder supply, suggesting speculative capital is gaining influence. These dynamics indicate a shift to a protection mode, with capital preservation taking precedence over directional bets. While the bounce reduces near-term pressure, the market structure remains fragile until confidence and liquidity stabilize.