Glassnode
Bitcoin is flashing a broad-based warning signal this week, trading at $71.3K as selling pressure intensifies across spot, derivatives, and institutional flows. The most alarming data point: ETF net outflows nearly doubled to $1.3 billion while ETF trading volume surged 78% to $10.9 billion — institutions aren't just trimming, they're exiting at scale and pace. The average ETF holder sits at an MVRV of just 1.25, barely above water.
On-chain activity looks busy on the surface — transfer volume jumped 31% to $4.6B and fee revenue climbed 17% — but the capital doing that work is rotating, not accumulating. Monthly realized cap change has collapsed 57% to near-zero, meaning fresh money has almost stopped entering the ecosystem. Active addresses are flat at roughly 607K. The machine is running; nobody is refuelling it.
Spot CVD swung 143% negative (from +$16M to -$6.9M), momentum has dropped to 29.9 and is trending lower, and only 59.8% of BTC supply is currently in profit — down from 61.5%. The realized profit/loss ratio hit -0.9, with losses dominating on-chain activity, and net unrealized losses have deepened to -4.1%. Until realized cap growth resumes and spot CVD turns positive, the path of least resistance remains 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/)
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