📊 #BTC Glassnode Report — a mixed picture.

- Active addresses declined slightly.

- Transfer volume, adjusted for the number of organizations, sharply exceeded the upper limit, signaling increased capital movements.

- Fee pressure eased, suggesting softer demand for block space.

- Capital-flow indicators remain unstable: changes in realized capitalization are subdued, while supply dynamics show growing influence from short‑term holders and a rising share of “hot” capital, increasing the market’s sensitivity to volatility.

- While some indicators point to activity and institutional interest, confidence remains uneven, leaving the market vulnerable to further declines or a prolonged range-bound period until demand strengthens.