Bitcoin's market sentiment has shifted from enthusiasm to caution as volatility increases, according to Glassnode data. BTC surged to $117,000 last weekend before retreating to $111,000, highlighting heightened market fluctuations. The spot market's momentum weakened, with the RSI nearing oversold levels and selling pressure mounting. Despite stable trading volumes, buyer confidence remains fragile. In the futures market, leverage decreased while funding rates rose, indicating weakened speculative demand. US-listed spot ETFs experienced $1 billion in outflows, with declining trading volumes and cooling institutional interest. On-chain data revealed a drop in daily active addresses and transaction fees, signaling reduced network usage, although transfer volume saw a slight uptick due to volatility. The market's future trends hinge on whether liquidity can stabilize or if further adjustments are necessary.