Market Pulse: Week 21
Overview
Bitcoin briefly pushed to $106K this week, elevating several key metrics into historically risky territory. The percentage of supply in profit surged to 97%, marking an entry into the euphoric zone. While the profitability intensity still has room to stretch higher, the dominance of profitable supply increases the risk of a corrective phase if new demand fails to keep pace.
The ETF and Options markets continue to lead in terms of strength, with indicators for both rated High and Rising. Options open interest and volatility pricing are accelerating aggressively, while ETF MVRV reflects elevated unrealized profits. However, ETF netflows have cooled for the third week, signaling reduced fresh capital inflow, a key support that now shows fragility.
On the flip side, Spot and Futures markets are weakening, with indicators marked as Moderate and Declining for both. Spot volume dropped below the low band, and Spot CVD turned negative, confirming retail and discretionary buying pressure is fading. Futures open interest is still climbing, but funding and perpetual CVD suggest hesitance after a period of aggressive long buildup.
Off-Chain Indicators
On-Chain Indicators
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