Glassnode: Whether bitcoin's rebound can be sustained depends on the recovery of spot demand; the current market structure is showing a pattern similar to May 2022.

BlockBeats News, February 9, Glassnode posted on social media that after a sharp downward revaluation, bitcoin rebounded to $69,000. The overall market position remains defensive—spot, derivatives, and on-chain indicators all show caution. Whether the rebound can be sustained depends on whether spot demand can recover.

Off-chain signals are stabilizing, but market confidence is still lacking. Spot and ETF indicators are recovering from lows, while futures and options positions remain defensive, indicating that participants are cautious and risk appetite remains weak.

On-chain signals are mixed. Although the fundamentals of underlying network activity have improved, capital flows and profit and loss conditions continue to weaken, showing that even with improved network participation, market demand remains sluggish and profit margins are limited.

When the price of bitcoin is $70,000, unrealized losses in the market account for about 16% of the total market value. The current market pain is showing a structure similar to what was observed in early May 2022.