Bitcoin Is ‘Running on Empty’ as Price Bets and Hedges Shift: Glassnode

Glassnode’s Nov. 11 report warned that bitcoin’s market structure is weakening as capital exits the asset even while larger holders accumulate, with options traders shifting toward downside hedges and prediction markets pricing more cautious recovery odds. The analytics firm described bitcoin as “running on empty,” signaling that spot demand and liquidity are thinning rather than confirming a durable uptrend. The divergence between persistent capital outflows and continued accumulation by larger investors is the central tension, leaving the market vulnerable to sharper moves if hedging activity intensifies. Traders are watching whether whale accumulation eventually absorbs the selling pressure or whether further outflow confirms the cautious positioning now visible in derivatives and prediction markets.