BTC Market Pulse: Week 9
Bitcoin pulled back to $65k, bounced to $68k, and then slid to $64k, keeping price action reactive and range-bound.
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Overview
Momentum has improved, with RSI lifting off recent lows, but the market remains short of a clear risk-on shift and participation still looks thin.
Spot conditions show early signs of stabilization, with aggressive sell pressure easing as Spot CVD improves. That said, spot trading volume has cooled materially, leaving recent moves less supported and more prone to choppy consolidation. US spot ETF outflows have moderated, but flows remain negative and ETF trading volume has fallen toward the lower end of its range, highlighting continued investor caution.
Derivatives positioning is mixed but still broadly defensive. Futures open interest has drifted lower, pointing to mild deleveraging, while long-side funding has jumped, signalling a pickup in demand for leveraged long exposure. Perpetual flows remain net negative but are improving at the margin, suggesting sell pressure is moderating rather than flipping decisively to accumulation.
On-chain activity remains subdued. Active addresses and fee volume sit below their low bands, and transfer volume, while improving, is still constrained, consistent with a quieter market phase. Capital flows remain negative as realized cap continues to contract, while profitability is broadly stable and unrealized losses still dominate, reinforcing a cautious backdrop where conviction remains limited.
Overall, conditions remain defensive across spot, derivatives, ETFs, and on-chain indicators. Sell pressure is easing at the margin and momentum is improving, but participation and capital flows remain weak, leaving the market vulnerable to reactive swings. A more durable recovery likely requires renewed spot demand and a clearer improvement in on-chain engagement.
Off-Chain Indicators
On-Chain Indicators
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