- Glassnode flags defensive BTC sentiment: RSI 33.6, spot volumes down, ETFs see inflows but quieter turnover this month.
- Derivatives show reduced leverage: futures open interest contracts, funding fades, 25-delta skew rises as downside protection demand strengthens.
Bitcoin enters September on a defensive footing, according to an updated Glassnode review of spot, futures, and options data. The firm notes that short-term holders now sit near their break-even level, a zone that has often separated buyers from sellers in past cycles.
Spot readings weakened through late August
The momentum gauge RSI fell 10% to 33.6, trading volume slipped 8.9%, and conviction cooled. A slight improvement in spot Cumulative Volume Delta hinted at softer selling, yet buy-side demand remained thin.
Meanwhile, U.S. spot Bitcoin ETFs posted $392 million in net inflows, but turnover fell to $17.5 billion and the funds’ valuation metrics eased, pointing to quieter secondary activity.
Derivatives signaled lower risk appetite. Open interest contracted across futures, funding rates faded, and perpetual CVD improved only marginally—evidence of reduced leverage rather than fresh risk-taking.
Options told a similar story: open interest declined, volatility differentials narrowed, and 25-delta skew jumped 20.8%, showing stronger demand for downside protection.
On-chain activity stayed muted
Active addresses and fees were steady at moderate levels, while transfer volume rose 3.5%—driven more by large wallets than broad retail use.
Capital-flow gauges also softened: realized capitalization inflows slowed, and the share of supply held by short-term owners rose against long-term holders, a mix that often tracks choppier tape.
Bitcoin (BTC) Price Report – September 3, 2025
Bitcoin (BTC) is trading at $111,511 USD, reflecting a 0.2% increase in the last 24 hours and a 0.16% rise over the past 7 days.
With a market capitalization of $2.21 trillion and a 24-hour trading volume of $41.9 billion, Bitcoin maintains its dominance with 56.3% market share. The circulating supply is 19.91 million BTC, out of the capped 21 million maximum. BTC is currently 10.3% below its all-time high of $124,128, but up over 164,000% from its historical low of $67.81 USD.
The latest news today highlights several important updates:
- Ray Dalio, founder of Bridgewater Associates, warned that the decline of the U.S. dollar’s reserve status could strengthen Bitcoin’s role as a store of value, reinforcing BTC’s institutional appeal.
- The crypto market has recovered to a $1.22 trillion capitalization, with sentiment shifting from fear to neutral, as Bitcoin led the rebound, restoring investor confidence.
- Emirates Airlines announced plans to accept Bitcoin and XRP payments for flights starting in 2026, through a partnership with Crypto.com Pay, signaling mainstream adoption of BTC in global commerce.
- ETHNews analysts caution that neglected macro catalysts could pressure BTC below $100,000 in September, highlighting potential volatility amid high valuations.
Bitcoin trades steadily above $111K, supported by institutional narratives, global adoption initiatives, and macroeconomic tailwinds.
