[Glassnode: Market Sentiment Shifts from Euphoria to Caution, Future Trends Depend on the Likelihood of Liquidity Stabilization or Further Adjustments] According to Glassnode data, BTC surged to $117,000 over the past weekend but quickly retreated to $111,000, showing increased market volatility. Spot market momentum has weakened, RSI is nearing the oversold region, selling pressure has intensified, trading volume remains stable, but buyer confidence is fragile. In the futures market, leverage has decreased, funding rates have risen, and speculative demand appears to be weakening. As for ETFs, U.S.-listed spot ETFs saw outflows of $1 billion, trading volumes declined, and institutional demand has cooled. On-chain data shows a reduction in daily active addresses and transaction fees, indicating a drop in network usage, while transfer volumes have increased, driven by volatility. Overall, the market sentiment has shifted from euphoria to caution, and future trends will depend on whether liquidity stabilizes or further adjustments occur.