Glassnode
Bitcoin trades at $71.3K under mounting pressure across every major market layer, according to Glassnode's Week 23 Market Pulse. Net ETF outflows nearly doubled week-on-week to $1.3B while ETF trading volume surged 78% to $10.9B, signalling institutional exit at scale and urgency rather than passive rebalancing. On-chain, the machine is still running — transfer volume jumped 31% to $4.6B and fees climbed 17% — but realized-cap change collapsed 57% toward zero, meaning fresh capital has effectively stopped entering the ecosystem.
Why it matters
Spot market structure confirms the mood shift. The cumulative volume delta flipped deeply negative, swinging 143% from +$16M to -$6.9M, with momentum dropping to 29.9 and trending lower. The volume that did print rose 8%, but it's being used to sell, not accumulate. Profitability metrics underline how thin the bid is: only 59.8% of supply remains in profit (down from 61.5%), the realized profit/loss ratio hit -0.9, and net unrealized losses deepened to -4.1%. ETF MVRV sits at 1.25 — the average ETF holder is barely above water.
Market impact
Derivatives are pricing in the unease without flushing it. Futures open interest is flat at $36.7B, but the cost of holding longs jumped 26% — bulls are paying up to stay in a market moving against them. Perpetual CVD deepened another 26% negative. Options open interest dropped $2.3B, the 25-delta skew eased from ~15% to ~12%, yet the volatility spread remains elevated at 24%, meaning traders still expect sharp swings even as they hedge less. Active addresses are flat near 607K — the network is busy, but nobody is refuelling it. Until realized-cap growth resumes and spot CVD turns positive, the path of least resistance stays sideways-to-lower.
Source: [BTC Market Pulse: Week 23 — Glassnode Research – Digital Asset Market Intelligence](https://insights.glassnode.com/btc-market-pulse-week-23-2/)
Frequently asked questions
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What is Bitcoin's current price level in the Week 23 Glassnode report?
Bitcoin trades at $71.3K under growing pressure, according to Glassnode's Week 23 BTC Market Pulse. The report flags deteriorating breadth across spot, derivatives, and on-chain layers despite structurally healthy network activity.
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How much did Bitcoin ETFs outflow last week?
Net Bitcoin ETF outflows nearly doubled week-on-week to $1.3B while ETF trading volume surged 78% to $10.9B. Glassnode reads the combination as institutional exit at scale and urgency, not passive rebalancing.
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What does the spot CVD flip tell us about BTC price action?
Spot cumulative volume delta swung 143% from +$16M to -$6.9M, with momentum dropping to 29.9. Buyers stepped back and sellers took control of price discovery — the rising 8% volume is being used to sell, not accumulate.
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Why are derivatives traders paying more to hold BTC longs?
The cost of holding BTC futures longs jumped 26% while open interest stayed flat near $36.7B, meaning bulls are paying a premium to defend positions in a market moving against them. Perpetual CVD deepened another 26% negative.
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How much of the Bitcoin supply is currently in profit?
Only 59.8% of Bitcoin supply is in profit, down from 61.5% the prior week. The realized profit/loss ratio hit -0.9 and net unrealized losses deepened to -4.1%, with ETF MVRV at 1.25 leaving average fund holders barely above water.
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