Bitcoin (CRYPTO: BTC) has slid to $91,000, but on-chain data suggests the decline remains orderly as price moves into a historically strong demand zone.
What Happened: Glassnode’s latest Bitcoin Market Pulse shows momentum is now deeply oversold, with the 14-day RSI at extreme lows.
Derivatives markets reflect heavy sell-side pressure, futures and perpetual cumulative volume delta are sharply negative, yet open interest remains steady, signaling no major leverage flush-out.
Spot trading volumes are cooling and ETF outflows have slowed, suggesting the wave of aggressive selling may be losing steam.
Options markets remain defensive, with elevated skew and widening IV spreads indicating hedging demand.
On-chain activity has softened across transfer volumes, fees, and realized cap metrics, while profitability indicators such as NUPL continue to deteriorate, typical of a late-stage correction.
Overall, Bitcoin appears to be entering a consolidation range after its sharp drop.
Oversold conditions, declining outflows, and signs of seller exhaustion point to a potential local bottom forming in the $94,000-$100,000 zone, though profitability pressure remains a headwind.
Also Read: Bitcoin, Ethereum, Dogecoin Stall, But XRP Slips 2% As Markets Cool On Wednesday
Why It Matters: CryptoQuant’s Head of Research Julio Moreno explained that Bitcoin’s drawdown follows a clear supply-demand imbalance:
Spot Bitcoin ETFs have turned into net sellers and are absorbing none of the circulating supply. Corporate treasuries have halted accumulation — some even reduced holdings. Strategy’s recent 8,000 BTC buy is small relative to its historical activity and insufficient to offset structural outflows. Long-term holders have distributed over 800,000 BTC in 30 days, one of the largest LTH supply waves in years, while demand contracts.
Moreno criticized claims that Bitcoin’s decline is puzzling, this is precisely how markets behave when supply overwhelms demand.
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$BTCBitcoin – United States dollar$91676.03-1.33%OverviewMarket News and Data brought to you by Benzinga APIs
