[glassnode: Market Sentiment Remains Cautious After Bitcoin Rebound] A glassnode report shows that after Bitcoin plunged from $115,000 to $104,000 last week and rebounded to $111,000, market sentiment remains cautious. Spot trading volume has shrunk, open interest in futures has declined, and funding rates have fallen, indicating that traders are shifting towards risk aversion. Demand for downside protection in the options market has surged, and the proportion of supply held by short-term on-chain holders has increased, suggesting that speculative capital is dominating the market. Despite the price rebound, the market structure remains fragile, and rebuilding confidence will take time.