Glassnode: If the market continues to weaken, it will become a key warning signal of structural weakness. The recent pullback is mainly due to local deleveraging rather than large-scale fund withdrawals BlockBeats News: On October 15th, Glassnode posted on social media that Bitcoin's upward trend of $126000 has reversed due to the dual impact of macro environmental pressure and a $19 billion futures contract liquidation. As the inflow of ETF funds slows down and market volatility surges, the historic level of leverage clearance in this round has pushed the market into a reset phase. Analysts say that this correction is particularly alarming - it is the third time since the end of August that it has fallen below the 0.95 percentile price model ($117100). This price point concentrates over 5% of the circulating supply (mainly held by top buyers), and falling below it causes it to fall into a floating loss. The current price has fallen back to the range of 108400 to 117100 US dollars, breaking away from the previous frenzy stage. If unable to recover from the $117100 mark, the market may explore the lower edge between regions. Historical data shows that the loss of this region often triggers medium - to long-term adjustments, and if it continues to be below $108400, it will become a key warning signal of structural weakness. Long term holders (LTH) who have been continuously reducing their holdings since July 2025 further constrain upward momentum. During this period, the supply of LTH decreased by about 300000 BTC, indicating that mature investors are steadily taking profits. This sustained selling pressure highlights the risk of demand depletion, and the market may enter a period of volatility. If the reduction continues and new demand fails to keep up, there may be a cyclical pullback or localized panic selling before restoring balance. It is worth noting that during this clearing wave, spot trading volume surged, reaching a peak for the year. Through monitoring the cumulative trading volume Delta deviation rate (CVDB), it was found that Binance platform is experiencing significant active selling pressure, while Coinbase shows a net buying trend, indicating that institutional investors are taking on selling positions on American trading platforms. The overall CVDB only shows a moderate net selling trend, far weaker than the spot panic selling at the end of February 2025. This indicates that the recent pullback is mainly due to local deleveraging, rather than large-scale fund withdrawals.