TechFlow News: On January 29, Glassnode released its weekly report, analyzing that Bitcoin is currently consolidating near key on-chain cost-basis levels amid low trading volume. Short-term holders remain vulnerable, with critical support located between $80,700 and $83,400; a break below this range could trigger a deeper correction. ETF outflows have stabilized, with the 30-day average nearing zero—alleviating selling pressure. Spot market buying is gradually recovering, particularly evident on the Binance platform.
The options market has shifted to a defensive stance, reflected in heightened put skew, rising short-term implied volatility, and dealers’ gamma turning negative—increasing sensitivity to downside risk. Market direction will hinge on whether demand from spot and ETF channels can persist; absent sustained buying pressure, the market may continue consolidating or undergo further correction.
