[glassnode: Bitcoin's short-term key support level at $83,400, recovery in spot and ETF demand critical for stabilization] Odaily Planet Daily News: In its latest weekly report, glassnode pointed out that Bitcoin is still consolidating near several structurally significant on-chain price levels, with the market in a delicate balance between holder confidence and marginal demand. The report shows that short-term holder conditions remain weak, with the lower bound of the current price compression range (-1 standard deviation) at approximately $83,400. This level constitutes a key short-term support; if breached, the price could further retrace to around $80,700, near the realized market mean. glassnode also noted that overall capital flows have stabilized, ETF selling pressure has eased, and spot market positions have shown initial improvement, particularly in offshore markets, indicating a gradual recovery in buyer interest. In derivatives, funding rates remain neutral, leverage levels are low, and prices are minimally influenced by speculative factors. However, options market positioning remains cautious, with skew turning bearish, short-term protection costs rising, and dealer gamma values falling below zero, suggesting that price volatility could intensify during periods of amplified fluctuations. The report concludes that the core determinant of future trends lies in whether demand for spot and ETFs can continue to recover. If capital inflows persist alongside stronger spot buying, prices are likely to stabilize and sustain upward momentum. Conversely, if hedging demand for downside risks continues to rise, the market may remain volatile or even face a deeper correction.