Glassnode Says Bitcoin Market Structure Remains Firm Despite Slower Institutional Demand

Bitcoin has traded between $61,000 and $67,000 recently and is now stabilizing near $65,000, according to Glassnode.

The on-chain analytics firm wrote in a post on X on June 22 that Bitcoin had settled around $65,000 after moving within that range.

Glassnode said institutional demand has slowed, with weaker flows into spot Bitcoin exchange-traded funds and less institutional buying weighing on the market.

Selling pressure from holders remains limited, however. Long-term holders are still showing relatively firm behavior, while futures market positioning remains stable, the firm said.

Glassnode said those trends are providing a constructive backdrop for the Bitcoin market. Despite softer institutional demand, holder behavior and derivatives market structure have not been materially shaken, indicating the market's foundation remains intact amid short-term volatility.

With Bitcoin still lacking a clear upside catalyst, the market is focused on whether institutional flows recover and whether futures positioning remains stable, factors that could shape the cryptocurrency's next price move.