Cryptocurrency analytics company Glassnode stated that while Bitcoin continues to move sideways around $79,100, the market is sending mixed signals. According to the company, institutional demand, capital inflows, and increased leverage in the futures market, combined with slowing growth in the spot market, are supporting Bitcoin's fragile equilibrium.
According to Glassnode data, Bitcoin is trading around $79,100, showing an increase of approximately 0.7% over the week. Although the price has remained largely stable since late August, when it was in the range of $77,300–$81,300, there has been a noticeable weakening in spot momentum indicators. Recently, spot momentum declined by about 30%, dropping to 54.6, and the indicator has returned to the middle of statistical ranges.
While spot trading volume remained virtually unchanged at approximately $3.5 billion, the cumulative delta of spot trading volume (CVD) recovered from -$84.9 million to -$29.6 million. However, Glassnode claimed that selling pressure has not triggered strong buyer demand, and that pressure in the spot market has merely eased.
In the futures market, open interest reportedly increased by 1% to $37.1 billion. Despite a 32.8% decrease in funding payments to $1.3 million, the increase in positions indicates continued growth in leverage usage in the market. Open interest in the perpetual futures market also increased by 2.1% to $40.1 billion.
It was noted that bullish positioning was also observed in the options market. A decrease in volatility skew to -20.9% and a reduction in the delta asymmetry index from 0.79% to -2.05% indicate that implied volatility remained low compared to realized volatility, and demand for call options was high.
Glassnode also reported a resurgence in demand for US spot Bitcoin ETFs. The net inflow into the funds reached $681.2 million, significantly exceeding the previous period's inflow of $247.8 million. Assets under management for ETFs also increased by 19.2% to approximately $12.1 billion.
Blockchain data showed a decline in activity. The asset-adjusted transfer volume decreased by 12.8% to $5.0 billion, and fee revenue decreased by 4.8% to $213,000. The number of active addresses remained relatively stable at around 635,000.
Glassnode noted that capital inflow continues to be one of the strongest market indicators, reporting that the monthly change in realized market cap accelerated to 0.8%, and the share of 'hot capital' increased to 30.1%. In the company's view, this indicates that short-term, price-sensitive capital continues to flow into the Bitcoin network, despite the price remaining stable.
*This is not investment advice.
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