rewrite this title Glassnode: Profit-Taking And ETF Slowdown Cap Bitcoin Momentum, $114,000 Seen As Key Level

by
Alisa Davidson

Published: September 12, 2025 at 10:51 am Updated: September 12, 2025 at 10:51 am

by Ana

Edited and fact-checked:
September 12, 2025 at 10:51 am

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Digital asset data, analytics, and research platform Glassnode released the latest cryptocurrency market analysis highlighting that Bitcoin continues to trade between $110,000 and $116,000, with fading exchange-traded fund (ETF) inflows and profit-taking dampening momentum, while derivatives activity plays an outsized role in maintaining balance. The report notes that holding above $114,000 would signal strength, whereas a decline below $108,000 could trigger deeper stress.

Following the mid-August peak, momentum has steadily weakened, pushing Bitcoin back into the $110,000–$116,000 zone as supply redistributes. On-chain data indicates that the rebound from $108,000 was supported by buying pressure, creating a stabilization structure, but the market remains split between consolidation and the risk of contraction.

Analysis of cost basis clusters shows three investor groups anchoring the range: recent top-buyers near $113,800, dip-buyers around $112,800, and short-term holders closer to $108,300. Sustained gains above $113,800 would return many investors to profit, while a drop under $108,300 could trigger renewed selling and expose lower support levels near $93,000.

The report highlights that recent rebounds have been met with heavy profit-taking by mid-term holders and loss realization by newer buyers, creating headwinds similar to earlier stress periods. For recovery, fresh demand must absorb this pressure, with confirmation likely if Bitcoin stabilizes above $114,000.

Liquidity conditions remain relatively constructive as long as the price stays above $108,000, but a deeper breakdown could undermine inflows and delay further rallies.

ETF Outflows Shift Bitcoin Market Dynamics As Derivatives And Options Take Greater Role

Beyond on-chain activity, external demand from spot ETFs remains a critical driver of this cycle. Since early August, US spot ETF net flows have fallen sharply, averaging around ±500 BTC per day on a 14-day basis, well below the levels that fueled earlier rallies. This decline reflects waning participation from traditional finance investors, adding fragility to market momentum.

With spot inflows weakening, derivatives markets have taken on a greater role in shaping price action. Indicators suggest futures traders absorbed much of the recent selling during the rebound from $108,000, with the three-month futures basis holding below 10% and perpetual volume staying muted. These conditions point to steady rather than speculative positioning, more aligned with accumulation than overheated leverage.

Options markets are also playing a larger role as institutions use strategies such as protective puts and covered calls to manage risk. Open interest has reached record highs, while implied volatility continues to trend lower, reflecting a more mature structure. The tilt toward calls over puts signals a cautiously bullish outlook, with overall positioning suggesting a healthier, risk-managed market less prone to sharp euphoric or capitulatory swings.

At the time of reporting, Bitcoin is trading at $115,090, reflecting a 0.83% gain over the past 24 hours, with a daily low of $113,504 and a high of $116,287. 

The global cryptocurrency market capitalization stands at $4.01 trillion, marking a 1.31% rise in the same period, while total market volume has declined by 7.36% to $148.49 billion. Bitcoin’s market dominance is recorded at 57.22%, representing a 0.21% decrease, according to CoinMarketCap.

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

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