The details of momentum exhaustion and the bullish scenario.

On September 25th, on-chain analytics firm Glassnode released its weekly report, pointing out signs of exhaustion in the momentum of the Bitcoin market. While long-term holders have realized profits totaling 3.4 million BTC, inflows into US spot Bitcoin ETFs have slowed, indicating an imbalance in supply and demand.

The report warned that the risk of a market correction remains high unless institutional investors supporting buying through ETFs and long-term holders' profit-taking demands align again.

Following the surge after the FOMC meeting, the market appears to have entered a typical "buy the rumor, sell the fact" scenario, transitioning into a correction phase.

A key point of the report is the observation that the drawdown from the peak of $124,000 to $113,700 is approximately 8%, which is significantly smaller compared to the 28% drop in the early stages of this cycle or the 60% drops in previous cycles, suggesting that the extent of the decline is becoming limited.