PANews reported on September 4th that Glassnode analysis indicates that investors are actively accumulating Bitcoin within the "white space" between $108,000 and $116,000, reflecting constructive buying of pullbacks, but the risk of further contraction remains in the short term. A break above $114,000 to $116,000 would reignite the upward trend; conversely, a break below $104,000 could trigger a drop to $93,000 to $95,000.

The profit rate for short-term holders rebounded from 42% to 60%, but the market remains fragile and needs to rebound to between $114,000 and $116,000 to bolster market confidence. Furthermore, futures market funding rates remain neutral but face the risk of weakening demand, and ETF inflows have also slowed significantly. Previously, Bitcoin ETF inflows were primarily driven by directional spot demand, while Ethereum's have exhibited a mix of spot demand and arbitrage strategies.