Bitcoin Drops to 81K: Glassnode’s On-Chain Secrets Exposed

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So Bitcoin had a little bounce, big deal, from 86,000 to 90,000, and then it just sat there like it forgot to show up to the party. Then-bam-it slides to 81,000. The market’s buzzing like a buzzer, wondering what’s the deal with the flagship crypto. A couple of fresh on-chain takes pop up, trying to explain the raw, unglamorous dynamics of BTC. Yes, it’s as exciting as it sounds.

On-Chain Signals Behind Bitcoin’s Bearish Move

On X, Glassnode lays out a confluence of on-chain events supposedly justifying Bitcoin’s descent. They begin with the Spent Volume by LTH/STH metric.

This metric shows that over the past 30 days, Bitcoin’s Long-term holders have been unloading their stash faster than a garage sale at closing time. According to Glassnode, over 12,000 BTC per day (on average) has been distributed over the past 30 days – about 370,000 BTC per month. Great news for the sellers, terrible news for the luckiest bagholders. The selling pressure is not subtle; it’s practically wearing a sign that says, “Take profits now?”

But wait, there’s more to the plot; US spot Bitcoin ETFs also added to the bearish setup, with several net outflows over the past few weeks. Translation: there’s less institutional demand to cushion the LTH sell-off. It’s not like there’s a big hedge fund in the corner yelling, “Hold my BTC.”

When demand gaps appear amid ongoing LTH-selloffs, the BTC price can be expected to fall freely, especially if bearish momentum strolls onto the scene. So, yes, this could have played a role in the recent downward move. It’s like a perfect storm, except no one brought an umbrella, and the forecast is “more red.”

The long-term holders aren’t the only ones who sold; the Net Transfer Volume From/To Miners metric shows miners joining the exodus too, reinforcing the market’s weakness. Glassnode reported miners have been consistently sending their BTC to exchanges, adding to the bearish pressure, as positive exchange inflows often signal offloading. It’s a little like a relay race to the door, and everyone’s sprinting for the exits.

Derivatives market dynamics also played their part in magnifying the BTC slide. As the flagship crypto lost its footing, a wave of long liquidations followed. Glassnode highlighted that more than $300 million was liquidated in this move. When long positions are forcibly closed, you get that extra push downward-like stepping on a rake but with more numbers and less comedic payoff.

With the options market defensive rather than optimistic, and spot demand subdued, the Bitcoin market finds itself at a precarious crossroads. Until some real buying interest shows up, it’s safe to assume BTC might struggle beneath key resistance levels in the days ahead. Or, you know, until someone finally decides to buy a lot of it at once. No pressure.

Bitcoin Price At A Glance

At the time of writing, Bitcoin is valued at $84,095, reflecting a touch more than a 1% rise in the past 24 hours. Sure, it’s not exactly a moonshot, but hey, a little bounce never hurt anyone-except maybe the bears.

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2026-01-31 17:46