[DigitalToday reporter Yoonseo Lee] Bitcoin slipped to the $76,000 level after a bid to move a U.S. Senate review of the Clarity bill forward failed, but the market is paying more attention to slowing demand than to price, an assessment said.

On Sept. 17 (local time), blockchain media outlet CoinPost reported that on-chain analytics firm Glassnode said in its weekly report that bitcoin’s decline is limited but new inflows have stopped.

Bitcoin traded at about $76,000 on Sept. 18. It was down about 4.6 percent on the week and has broken below the lower end of a range that had held since late August. Glassnode said the current price is slightly below the “True Market Mean” of $76,700, the average cost basis for investors active in the market. That level also overlaps with the recent range low.

Glassnode said this degree of slippage alone makes it hard to conclude the trend has turned. Bitcoin also briefly fell below the True Market Mean on Aug. 23 and Sept. 10 before rebounding.

The issue is the closing-price trend. Glassnode said Sept. 15 marked the first time the daily close finished below that benchmark. It warned that if the close falls below the level again, it could shift from a “temporary drop” to a “range breakdown.” In that case, it pointed to $71,300, the average cost basis for short-term holders, as the next support level.

A weaker signal than price appeared in fund flows. Realised on-chain market capitalisation rose for 27 consecutive days but turned lower on Sept. 15. Spot bitcoin exchange-traded funds (ETFs) also drew close to $1 billion in inflows in early September, but shifted to net outflows of about $334 million from Sept. 8 to 14. Glassnode said stalled inflows in both on-chain data and ETFs show the market is staying on the sidelines.

Stablecoin supply also failed to provide a rebound signal. Total market capitalisation was about $301 billion, little changed on the week, and about 4 percent below the April peak. It has not set a new high in the past 5 months, confirming that bitcoin needs fresh inflows to break back above its previous range.

Corporate buying has also weakened. Listed companies’ net purchases over the past 3 months totalled about 5,900 BTC. That is far slower than the 89,000 BTC bought in July 2025 alone. The average cost basis across listed companies is estimated at $80,500. With the current price below that level, it means companies have stopped additional buying while sitting on paper losses.

The derivatives market has also tilted toward defence. Within hours of the Senate vote, put options began trading at higher prices than call options, and that pattern has continued. It signals the market is preparing more for further declines than for a short-term rebound.

Two points will be key going forward. One is whether realised market capitalisation turns higher again and the range recovers. The other is whether another closing-price drop is confirmed below the True Market Mean. Glassnode said the latter could confirm a downside break, and then $71,300 and the $62,000 to $65,000 range, where bitcoin buying previously concentrated most heavily, could come into view as the next support zone.