最新报道：According to a September 2nd market analysis by glassnode, Bitcoin prices are trading above their cost base for short-term holders as the price of Bitcoin retreats further from its all-time high to $107,000. In the spot market, momentum weakened further as the Relative Strength Index (RSI) dipped into oversold territory, while trading volume declined, reflecting weakening market confidence. While spot CVD showed some easing of selling pressure, suggesting a temporary stabilization, the overall signal points to weak demand. Futures markets displayed cautious positioning. Declining open interest, lower margin payments, and a slight improvement in perpetual CVD suggest reduced leverage and diminished bullish sentiment. Traders appear reluctant to increase their exposure, highlighting a defensive strategy adopted following recent volatility. In the options market, participation declined due to declining open interest, leading to a narrowing of volatility spreads, suggesting complacency. However, the surge in the 25-degree delta to above a historical extreme highlights strong demand for downside protection and reinforces the defensive stance of options traders. Overall, market structure remains fragile, with bearish pressure dominating spot, futures, and on-chain indicators. ETF inflows provided a temporary buffer, but shrinking trading volumes and declining profitability highlight a lack of market confidence. While a short-term rebound is possible, overall market sentiment remains defensive, and further market consolidation is likely unless demand strengthens again.