Glassnode said in its latest Bitcoin Weekly Market Pulse report that Bitcoin’s rebound after the recent sell-off still looks closer to a low-volume recovery than a broad-based advance. Spot market activity weakened over the week, with spot trading volume falling 21.5% to $4.1 billion and spot CVD flipping from positive to negative at -$58.8 million, a sign that buying breadth remained soft.
On the institutional side, weekly net inflows into U.S. spot Bitcoin ETFs recovered to $161.3 million. Even so, ETF trading volume fell 11.97% from the previous week to $8.4 billion. On-chain indicators also moved lower, with active addresses down 7.6% to 599,000, transfer volume down 16.1% to $4 billion, and total fees down 13.9% to $168,400.
Derivatives data showed a mixed picture. Futures funding rates rose 13.4% to $1.9 million, while perpetual futures CVD dropped 81.7% to $83.9 million. At the same time, options market 25-Delta Skew climbed to 18.87%, which Glassnode said showed investors were still keeping a strong demand for downside protection during the rebound.
Glassnode sees the move as a low-volume recovery
According to ChainCatcher, Glassnode said in its latest Bitcoin Weekly Market Pulse report that BTC has rebounded after the recent sell-off, but the latest advance still looks closer to a low-volume recovery.
The report said spot trading volume fell 21.5% week over week to $4.1 billion, while spot CVD turned from positive to negative at -$58.8 million. That pointed to weak buying breadth in the market.
ETF inflows returned, but trading activity fell
For institutional flows, weekly net inflows into U.S. spot BTC ETFs recovered to $161.3 million. ETF trading volume, however, still fell 11.97% from the prior week to $8.4 billion.
On-chain activity continued to weaken
On-chain data in the report showed active addresses fell 7.6% to 599,000. Transfer volume dropped 16.1% to $4 billion, and total fees declined 13.9% to $168,400, showing weaker on-chain activity.
Derivatives data showed continued demand for protection
In derivatives, futures funding rates rose 13.4% to $1.9 million, but perpetual futures CVD plunged 81.7% to $83.9 million. The options market’s 25-Delta Skew also climbed to 18.87%, showing that investors still kept strong demand for downside protection during the rebound.
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