Bitcoin Stabilizes Near $65K Amid Improved Institutional Demand
Bitcoin has stabilized near $65,000 as institutional demand and derivatives positioning improve. According to Glassnode's August 10 Market Pulse, stronger taker demand is supporting the market, which reflects aggressive buying and selling activity.
Taker demand can provide a clearer signal of positioning than price alone, suggesting that buyers are more willing to take available liquidity. Additionally, easing downside hedging indicates that traders are showing less demand for protection against further declines.
However, Glassnode notes that weak spot liquidity and subdued on-chain activity are preventing the recovery from becoming a stronger trend. This means that modest buying or selling can have a larger effect on price, increasing volatility as derivatives indicators improve.