Glassnode: Bitcoin Buyers Filled $108K–$116K Gap but Market Remains Fragile — $104K Breach Could Send BTC to $93K–$95K

Glassnode’s on-chain analysis shows that Bitcoin investors absorbed short positions in the $108,000–$116,000 band, a pattern consistent with buy-the-dip activity but not definitive proof of a sustained trend reversal.

The report highlights a downside trigger at $104,000, below which a reversion toward the prior post-all-time-high weakness—estimated in the $93,000–$95,000 range—could occur; short-term holders’ profit-taking fell to 42% during the sell-off before recovering to 60%, leaving market conditions neutral but fragile.

Off-chain sentiment is cooling: futures funding remains neutral yet delicate and ETF inflows have slowed markedly, with Bitcoin ETF flows driven mainly by directed spot demand while Ethereum flows reflect a combination of spot demand and spot-purchase arbitrage, according to Glassnode.