Glassnode
Bitcoin moved from roughly $63K to nearly $80K over the past week, breaking decisively out of its prior range and holding close to the highs through brief consolidation. Aggressive spot buying, rising turnover and deeper liquidity point to meaningful capital deployment rather than thin-market price action. Derivatives have reinforced the shift: perpetual taker flows moved sharply toward buyers, futures open interest expanded toward elevated levels, and spot Bitcoin ETF trading volumes and weekly net inflows surged above historical thresholds.
Why it matters
The signal is broad across market structure. Spot demand, derivatives participation and institutional ETF activity are rising together, while daily active addresses and entity-adjusted transfer volume point to stronger network engagement and economic throughput.
Profitability has improved materially across unrealised and realised measures, with the share of supply held in profit moving well above historical norms. Spending is shifting toward profit-taking rather than loss realisation, and hot-capital shares have pushed above upper statistical bounds, showing a larger role for price-sensitive participants.
Market impact
The near-term setup is constructive, but leverage raises the cost of a reversal. Buyer-led perpetual flows, expanded open interest and stronger ETF demand support the advance while also signalling increased speculative participation.
The main qualifier is macro. Broader capital inflows remain comparatively muted, so the expansion is being driven more by active short-term participation and tactical positioning than by sustained long-term accumulation. The next test is whether spot and ETF demand persist as on-chain engagement holds up.
Source: [BTC Market Pulse: Week 35 — Glassnode Research – Digital Asset Market Intelligence](https://research.glassnode.com/btc-market-pulse-week-34-2026-2/)
Frequently asked questions
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What supported Bitcoin's move from roughly $63K to nearly $80K?
Aggressive spot buying, rising turnover and deeper liquidity supported the move. Buyer-led perpetual flows, rising futures open interest and stronger spot Bitcoin ETF activity reinforced it.
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How are derivatives changing the risk profile?
Perpetual taker flows have shifted sharply toward buyers, and futures open interest has expanded toward elevated levels. That signals increased speculative participation and leverage.
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What does the on-chain activity say about network use?
Daily active addresses and entity-adjusted transfer volume have risen, signalling stronger network engagement and economic throughput.
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How has higher profitability changed Bitcoin spending behavior?
Unrealised and realised profitability measures have improved, and the share of supply held in profit has risen above historical norms. Spending is shifting toward profit-taking rather than loss realisation.
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What limits the case for a durable Bitcoin rally?
Broader macro capital inflows remain comparatively muted. The expansion is more tactically driven by active short-term participation and positioning than by sustained long-term capital accumulation.
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