Crypto Market Enters Reassessment Phase as Glassnode Indicates Potential Bounce

Glassnode's latest report indicates that Bitcoin has entered a "reassessment phase" after reaching its all-time high on July 14. Key points from the analysis include:

The pullback in Bitcoin price has cooled market momentum.
Spot trading volumes decreased to $8.6 billion, with signs of buyer fatigue.
Futures open interest increased to $45.6 billion, suggesting sustained trader interest.
Options market open interest dipped by 2.2%, while volatility spread surged by 77%.
Bitcoin ETFs experienced an 80% drop in weekly net inflows to $496 million, but ETF MVRV remains high.
96.9% of Bitcoin supply is still in profit, indicating potential for further gains.
Current Bitcoin price is around $118,968, 3.4% below its peak of $123,000.
Analyst Ali Martinez predicts a potential peak of $149,679 based on rising metrics.

Overall, the market shows signs of digestion post-ATH and hints at reduced bearish sentiment.