Glassnode
Bitcoin spent Week 26 pinned in a roughly $61K to $67K corridor before settling near $65K, according to Glassnode's latest market pulse. Spot trading volume drifted toward the lower end of its recent range, and US spot ETFs continued to log net outflows, both signs that institutional and speculative demand have softened after the recovery rally.
Why it matters
The interesting read is in the divergence between flow and structure. Futures open interest held flat, meaning leverage is being maintained rather than expanded, while a modest uptick in funding rates keeps a bullish lean on the books. At the same time, perpetual buying pressure has faded and 25-delta skew has stayed elevated, meaning options traders are still paying up for downside protection. That combination, stable leverage with a defensive options tilt, is the posture of a market waiting for a catalyst rather than one positioning for the next leg.
Market impact
Underneath the soft demand, supply dynamics remain supportive. Coins continue to migrate into longer-term holders, realized gains are climbing, and profitability across the network is still elevated. A rising share of hot capital argues for more chop and potentially sharper moves, but does not yet signal a structural deterioration. The setup is a coiled market: cooling momentum on top, durable holder behavior underneath, with the next directional catalyst still to arrive.
Source: [BTC Market Pulse: Week 26 — Glassnode Research – Digital Asset Market Intelligence](https://research.glassnode.com/btc-market-pulse-week-26/)
Frequently asked questions
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Where did Bitcoin price settle in Week 26?
Bitcoin traded in a roughly $61K to $67K range before settling near $65K, according to Glassnode's Week 26 Market Pulse.
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Are US spot Bitcoin ETFs still seeing outflows?
Yes. Glassnode's report says US spot ETFs continued to record net outflows during Week 26, alongside softer trading activity, signaling cooling institutional demand.
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What does futures open interest tell us about leverage?
Futures open interest held flat through the week, which Glassnode reads as traders maintaining existing leverage rather than expanding it, a neutral-to-cautious positioning signal.
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Why are options traders paying for downside protection?
25-delta skew stayed elevated, meaning call-put pricing still favors puts. That shows traders are willing to pay a premium for downside hedges even as spot price action stays range-bound.
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What on-chain signals remain constructive for BTC?
Coins continue migrating into long-term holder wallets, realized gains are rising, and network-wide profitability remains elevated, all supportive supply-side dynamics beneath the soft demand picture.
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