BTC Market Pulse: Week 6
Overview
The Bitcoin market is experiencing a shift in momentum, with price strength weakening, whilst spot and derivatives metrics reflect sustained sell-side pressure. Futures open interest has surpassed $47B but is showing signs of long-term contraction, while the funding rate has sharply declined, signaling reduced demand for leveraged long positions. In contrast, ETF inflows have experienced an uptick, although they remain in a moderate range, reflecting steady institutional demand.
On-chain fundamentals show a mixed trend, with active addresses stabilizing, but on-chain transfer volume and total fees are declining, indicating reduced transaction activity. Meanwhile, liquidity indicators remain strong, driven by new capital inflows. and an increasing share of new demand, although signs of contraction are emerging.
Profitability metrics highlight that 91% of supply is in profit, and while unrealized gains remain high, profit-taking appears saturated across the current price range. As a whole, the market remains active but cautious, with growing signs of trend exhaustion across multiple sectors.
Off-Chain Indicators
On-Chain Indicators
- Follow us and reach out on Twitter
- Join our Telegram channel
- For on-chain metrics, dashboards, and alerts, visit Glassnode Studio
Disclaimer: This report does not provide any investment advice. All data is provided for information and educational purposes only. No investment decision shall be based on the information provided here and you are solely responsible for your own investment decisions.
Exchange balances presented are derived from Glassnode’s comprehensive database of address labels, which are amassed through both officially published exchange information and proprietary clustering algorithms. While we strive to ensure the utmost accuracy in representing exchange balances, it is important to note that these figures might not always encapsulate the entirety of an exchange’s reserves, particularly when exchanges refrain from disclosing their official addresses. We urge users to exercise caution and discretion when utilizing these metrics. Glassnode shall not be held responsible for any discrepancies or potential inaccuracies.
Please read our Transparency Notice when using exchange data.