Bitcoin traded near $78,300 in Week 36, retaining most of its late-August rally from the $64,000 range after briefly breaking above $80,000. Glassnode said the broader digital asset market continues to show resilient institutional demand, while spot and derivatives activity has started to cool in localized areas. The report said US spot ETF positions remain solidly profitable and weekly net inflows have stayed positive, underscoring continued capital allocation through regulated vehicles. At the same time, short-term, price-sensitive capital is entering the market alongside elevated options open interest and sharply narrowing volatility spreads, a combination that points to rising speculative positioning. On-chain data showed strong settlement activity but softer user engagement. Entity-adjusted transfer volumes rose above normal ranges, while daily active addresses and total fee volume dipped modestly. Glassnode said the market appears to be in transition, with strong institutional participation and healthy on-chain revaluation offset by growing leverage and early signs of short-term distribution.