Bitcoin has shown resilience despite a massive $20 billion liquidation in the crypto market, according to analysts from Glassnode and CryptoQuant. They highlight that structural demand and liquidity remain robust, with USDT supply increasing by nearly $15 billion over the past 60 days. Additionally, U.S. spot Bitcoin ETF inflows have reached $3.5 billion, indicating sustained investor interest. Glassnode analysts describe the recent sell-off as a market purge, while CryptoQuant suggests a potential bullish phase if Bitcoin surpasses $115,000. Both firms agree that the market is shifting from speculative excess towards a more balanced state.