Crypto Market Fatigue Sets In – But Don’t Count the Bull Out Yet
The crypto market’s stuck in a holding pattern—traders are exhausted, but the bull might still have legs. Here’s why.
Sideways action breeds frustration
After months of volatile swings, Bitcoin and altcoins have flatlined. No dramatic crashes, no euphoric rallies—just a grinding stalemate that’s testing everyone’s patience.
Institutional whispers keep hope alive
Behind the scenes, hedge funds and family offices are quietly accumulating. They’re betting regulators will finally stop pretending crypto’s a fad and just approve those damn ETFs already.
The retail exodus (that nobody will admit to)
Small-time investors are tapping out—gas fees, confusing DeFi interfaces, and that one meme coin that rugged last week didn’t help. But hey, at least the remaining degenerates are diamond-handed.
Bottom line: This isn’t 2018’s brutal bear market. It’s the financial equivalent of a treadmill—annoying, but you’re still moving. And when Wall Street’s algo-traders finish front-running the next catalyst? Buckle up. *Cue obligatory ‘markets can stay irrational’ Keynes quote*
Source: Glassnode
Next is the onchain transfer volume. The 7-day moving average has dropped some 32%. It fell from a high of $76 billion in late May to $52 billion last weekend.
Additionally, unlike the ATH rallies in Q2 and Q4 2024, the latest ATH did not see a surge in spot volume. The current amount of $7.7 billion is significantly lower than the cyclical peaks from earlier in this bull market. This highlights a lack of speculative intensity, crypto market hesitancy, and the consolidation narrative.
The analysts conclude that “profit realization is cooling, on-chain activity is declining, and spot volume failed to rise meaningfully during the recent ATH push. While futures participation remains active, falling funding rates and futures rolling basis signal a cautious stance among speculators.”
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Looking at the cost basis distribution (CBD) heatmap, Glassnode found that Bitcoin’s weekend drop to $99,000 found support NEAR the upper edge of a dense supply zone between $93,000 and $100,000.
This is notable as this zone has been “a key area of activity since the top formation in Q1 2025, marking it as a structurally important level,” analysts argue.
Therefore, they write, as long as the price holds above this particular range, “the bull market structure remains intact.” However, a drop below it could trigger a deeper correction. This will especially be the case if holders with a cost basis in this zone begin to capitulate and add to the sell pressure, the report states.
That said, analysts note that despite BTC reclaiming the $100,000–$110,000 range, there are visible signs of diminishing profitability and sluggish on-chain activity. They argue that these trends are “typical in choppy consolidation phases, where volatility fades and investor engagement cools.”
The report concludes that “until we see a pickup in profitability and activity metrics, the likelihood of a breakout to new all-time highs remains limited. For now, the market appears to be digesting prior gains, awaiting fresh momentum and an influx of new demand.”
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