Bitcoin is seeing a uptick in transfer volume this week, yet the accompanying data tells a more measured story: network fees remain low and liquidity is subdued, both signs that speculative activity has not returned in force. The move in volume looks more like organic settlement flow than a fresh wave of risk appetite.
On the brighter side, on-chain profitability metrics have improved, which is gradually easing the bearish sentiment that has weighed on sentiment in recent weeks. It is a stabilisation signal rather than a breakout — the market is healing, not sprinting.
Glassnode