#BTC行情分析 January 23rd, Glassnode published a weekly report stating that Bitcoin remains in a low participation state, with price movements driven more by a lack of pressure rather than active trading interest. On-chain data continues to reflect oversupply and fragile structural support, while spot fund flows have improved but have not yet translated into sustained accumulation. Institutional and corporate demand remains cautious, with treasury company fund flows stabilizing, and trading activity concentrated in sporadic transactions. Derivatives participation remains subdued, with futures trading volume shrinking, and leverage usage remaining moderate, further exacerbating the liquidity-constrained market environment, making prices increasingly sensitive to minor position changes. Overall, the market seems to be quietly building a bottom, but this consolidation is not due to excessive participation or enthusiasm, rather because investor confidence has paused, and everyone is waiting for the next clear catalyst to reignite broader market participation and momentum.