Glassnode: Bitcoin Network Activity Surges Amid Market Turbulence

According to Glassnode's latest report, 'Market Pulse: Week 32', Bitcoin (BTC) has dropped to around $63,770.00, with present demand weakening but long-term holders still showing resilience.

The report states that despite the decline in spot market activity and continuous net selling pressure, the underlying data suggests that the network's usage rate and economic activities have increased.

Additionally, Glassnode notes that the influx of new capital has slightly increased, while the outflow pressure has eased. The proportion of short-term to long-term holders remains near historical lows, indicating a strong conviction among long-term investors.

The report also highlights that the market is still in an equilibrium phase, with the spot market's momentum being insufficient and derivatives markets showing defensive sentiment.