Bitcoin traded lower over the last week, falling from $79K to a local
low near $74K before rebounding toward $77K, with price
momentum declining by 21.7%, reflecting softer price action and
rising selling pressure. At the same time, Spot CVD and Perpetual
CVD increased by 77.2% and 35.5% respectively, suggesting
selling pressure is easing and market sentiment is becoming more
balanced. Activity has also cooled, with Spot Volume down 10%
and Futures Open Interest declining 3.5%, pointing to reduced
speculative appetite and a more cautious market backdrop.
Despite this, signs of renewed risk appetite are emerging. Longside
funding payments surged 135.4%, highlighting strong demand
for long exposure and improving bullish sentiment. In options
markets, 25-Delta Skew ticked higher, signaling slightly greater
demand for downside protection, while Open Interest remained
broadly stable, suggesting positioning remains intact.
Within TradFi markets, US Spot ETF MVRV rose 0.69%, indicating
slightly larger unrealized gains for ETF holders. Meanwhile, ETF
netflows improved by 28.9%, pointing to easing capital outflows
and stabilizing sentiment, although ETF trade volume fell 22.9%,
suggesting a slowdown in speculative activity.
From a network activity perspective, the daily active address count
and entity-adjusted transfer volume have experienced minor
reductions, hinting at a possible consolidation phase or diminishing
investor activity. Liquidity metrics, including the hot capital share
and STH to LTH supply ratio, indicate a more stable liquidity profile
and a market characterized by higher conviction and lower
speculative activity, suggesting a phase of consolidation.
Profitability metrics, however, flag a potential increase in market
stress. The net unrealized profit to loss ratio has seen a significant
decline, while the realized profit to loss ratio suggests an increase
in loss realization over profit-taking, indicating a cautious and
potentially bearish market sentiment. In summary, the market is
exhibiting signs of moderation and consolidation, characterized by
reduced activity, cautious sentiment, and a mix of risk appetite.
This nuanced picture underscores the importance of continued
close monitoring of market dynamics and investor behavior.
Off-Chain Indicators
On-Chain Indicators
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Disclaimer: This report does not provide any investment advice. All data is provided for information and educational purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.
Exchange balances presented are derived from Glassnode’s comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange’s reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies.
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