Glassnode Warns: Bitcoin’s Ominous Lull Continues—Weak Outlook Ahead

The crypto analytics giant Glassnode signals trouble in Bitcoin's derivatives market—a prolonged stagnation that spells bearish pressure.

No volume, no volatility, no conviction. Traders are sitting on their hands while the market flatlines.

Meanwhile, institutional players keep their powder dry, waiting for a catalyst that isn’t coming. Classic case of 'wait-and-see' meets 'hope-is-not-a-strategy.'

And let’s be real: Wall Street’s still trying to figure out how to short crypto without getting burned. Good luck with that.

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The Senate on Monday night passed legislation that could end the longest federal government shutdown in U.S. history this week. There had been hope that the end of the shutdown WOULD lead to air traffic controllers getting their pay again and bring an end to the thousands of flights that have been canceled over the last week.

The TRUMP administration ordered flights cut by 10% at 40 airports across the U.S. due to a growing shortage of air traffic controllers who aren’t being paid as the shutdown drags on. That resulted in more than 2,500 flights being canceled over the past weekend. U.S. President Donald Trump has warned that the number of flights to be canceled could rise to 20% if the government shutdown doesn’t end soon.

But the major airlines are saying flight cancellations are likely to continue regardless of the shutdown in Washington.

Bounce Back?

“Airlines’ reduced flight schedules cannot immediately bounce back to full capacity right after the government reopens,” warned Airlines for America, a lobby group that counts American, United and Southwest among its members. “It will take time, and there will be residual effects for days.”

Airlines for America adds that carriers will need time to reconfigure schedules and position planes and crews, something they were forced to quickly address with the recent and sudden order to cut flights. Even if the U.S. Congress passes legislation to fund the federal government, it will only last until January, potentially putting the government, and airlines, back in the same position within a few months.

More than five million travelers have been affected by airline staffing issues since the shutdown began on Oct. 1, Airlines for America said.

Is the SPDR S&P 500 ETF Trust a Buy?

The SPDR S&P 500 ETF Trust (SPY) currently has a Moderate Buy rating among 504 Wall Street analysts. That rating is based on 416 Buy, 80 Hold, and eight Sell recommendations issued in the last three months. The average SPY price target of $779.25 implies 14.70% upside from current levels.