Momentum firmed as the 14-day RSI climbed from 38.6 to 58.2, while spot volume rose 13.2 percent to $11.1B. However, Spot CVD weakened from -$40.8M to -$111.7M, pointing to stronger underlying sell pressure.
Derivatives remained cautious. Futures open interest fell to $30.6B, perpetual CVD improved slightly, and funding turned more supportive with long-side payments up to $522.7K. Options showed mixed sentiment: steady OI at $46.3B, a sharply negative volatility spread at -14.6 percent, and a high 25-delta skew at 12.88 percent, indicating demand for downside protection.
ETF flows added a clear headwind. Netflows flipped from a $134.2M inflow to a $707.3M outflow, signalling profit-taking or softer institutional interest. Yet ETF trade volume rose 21.33 percent to $22.6B, and ETF MVRV increased to 1.67, pointing to higher holder profitability and some potential for distribution..
Off-Chain Indicators
On-Chain Indicators
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