Glassnode
Bitcoin traded lower over the past week, falling from $79K to a local low near $74K before rebounding toward $77K, with price momentum declining 21.7%. The drawdown cooled both spot volume (-10%) and futures open interest (-3.5%), pointing to reduced speculative appetite and a more cautious market backdrop. Yet beneath the soft tape, selling pressure is easing — Spot CVD rose 77.2% and Perpetual CVD climbed 35.5%, suggesting flows are turning less one-sided.
Why it matters
The divergence between price and order-flow data is the signal. Long-side funding payments surged 135.4%, a meaningful jump that shows traders are paying up for upside exposure even as spot prices slip — typically a sign that dip-buyers are leaning in rather than fading. In options markets, 25-Delta Skew ticked higher, indicating slightly greater demand for downside protection, while open interest held broadly stable, meaning positioning hasn't been forcibly unwound. Liquidity metrics — hot capital share and the STH-to-LTH supply ratio — point to a more stable liquidity profile, with higher conviction and lower speculative churn than the price action alone implies.
Market impact
On the TradFi side, US Spot ETF netflows improved 28.9%, indicating easing capital outflows and stabilizing sentiment, though ETF trade volume fell 22.9% as speculative activity slowed. ETF MVRV rose 0.69%, leaving holders with slightly larger unrealized gains. Profitability metrics, however, flag a potential rise in market stress: the net unrealized profit-to-loss ratio has declined sharply, and the realized profit-to-loss ratio shows losses being realized faster than profits, leaving sentiment cautious. On-chain activity — daily active addresses and entity-adjusted transfer volume — has softened, hinting at consolidation. The combined read: a market in moderation, not a market breaking down, with stabilization cues emerging beneath a still-soft price tape.
Source: [BTC Market Pulse: Week 22 — Glassnode Research – Digital Asset Market Intelligence](https://insights.glassnode.com/btc-market-pulse-week-22/)
Frequently asked questions
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What was Bitcoin's price range this week?
Bitcoin pulled back from around $79K to a local low near $74K before rebounding toward $77K, with price momentum declining 21.7% over the period.
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Why is the market seen as stabilizing despite the price drop?
Selling pressure is easing — Spot CVD rose 77.2% and Perpetual CVD climbed 35.5%, while long-side funding payments surged 135.4%, indicating dip-buyers are leaning in rather than fading the move.
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What did ETF flows look like this week?
US Spot ETF netflows improved 28.9%, pointing to easing capital outflows and stabilizing sentiment, though ETF trade volume fell 22.9% as speculative activity slowed.
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What do the on-chain profitability metrics signal?
The net unrealized profit-to-loss ratio fell sharply, and the realized profit-to-loss ratio shows losses being realized faster than profit-taking, flagging a potential rise in market stress despite stabilizing flows.
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What is the overall read on the BTC market right now?
Glassnode's Market Pulse describes a market in moderation and consolidation — reduced activity, cautious sentiment, and a mix of risk appetite, with early signs of stabilization beneath a still-soft price tape.
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