According to an updated report from Glassnode, Bitcoin enters September on a defensive footing. Data from spot, futures, and options markets indicate declining trading activity and a protective sentiment among investors.
Current Trends in the Spot Market
Glassnode notes that the spot market is experiencing weakened sentiment. The relative strength index (RSI) has fallen by 10% to 33.6, trading volume has decreased by 8.9%. Although there is a slight rise in cumulative volume, buy-side demand remains thin.
Signals from Derivatives Markets
In the derivatives markets, there are also signs of reduced risk appetite. Open interest in futures contracts has contracted, funding rates have faded, and demand for protective options has risen. Open interest in options has declined, and the 25-delta skew has increased by 20.8%.
Overall Bitcoin Market Situation
As of September 3, 2025, Bitcoin is trading at $111,511, with a market capitalization of $2.21 trillion. Despite this, trading volumes have decreased, and the share of short-term holders is rising, which may indicate a tumultuous market ahead.
The overall market sentiment analysis shows that Bitcoin is under the pressure of defensive attitudes and declining trading volumes. In these conditions, investor focus will be on the upcoming developments in the market.
