PANews reported on January 29th that, according to Glassnode's weekly report, Bitcoin prices continue to consolidate near key on-chain cost levels, with the market facing structural pressure. Short-term holders remain weak, with their cost base (approximately $96,500) acting as a key bull/bear dividing line. Near-term key support levels are at $83,400 and $80,700. A break below these levels could trigger a deeper correction.

The 30-day moving average of spot ETF fund flows has returned to neutral, easing structural selling pressure, but no strong inflows have emerged. Buying activity in the spot market has improved, with Binance leading the return of buying, while Coinbase demand remains relatively stable. In the derivatives market, perpetual contract funding rates are generally neutral, while the options market has turned defensive, with a bearish bias and negative dealer Gamma below $90,000, potentially amplifying downside volatility. The market lacks clear signals of liquidity inflows, and future direction depends on whether sustained demand can be generated in both the spot and ETF markets.