Bitcoin (BTC) has managed to hold above the $80,000 mark, but a recent report from Glassnode highlights a weak spot demand near $82,000. The blockchain analytics firm noted that while selling pressure has eased, the spot market demand remains subdued, leaving Bitcoin without a clear catalyst for recovery.
Glassnode's data shows that the spot cumulative volume delta (CVD) declined by 24.7% over the week, moving from -$67 million to -$83.6 million. This suggests continued selling on centralized exchanges. Bitcoin's price momentum also fell by 20%, from 45 to 36, approaching the lower boundary of its historical range. Despite this, spot trading volume remained relatively stable, increasing by 2.1% from $5.4 billion to $5.5 billion.
Derivative conditions showed signs of easing selling pressure, with perpetual futures CVD improving by 36.9%, rising from -$891.1 million to -$562.7 million. However, the indicator remained below its lower band, indicating that aggressive traders continued to favor selling over buying. Futures open interest slipped marginally from $36.5 billion to $36.4 billion, a decline of 0.3%.
Bitcoin's supply held at a profit declined from 70.1% to 68.2% over seven days, leaving roughly two-thirds of circulating Bitcoin in profit. Net unrealized profit and loss (NUPL) fell from 10.5% to 9%, reflecting a reduction in paper gains across the market. The realized profit-to-loss ratio also fell to 41.8%, indicating that realized profits declined relative to losses.
Traditional investment vehicles are also shifting, with QCP analysts noting that investors have moved away from semiconductors toward defensive sectors, including healthcare and banking. However, there is no confirmed evidence of institutional capital flowing directly into crypto. BTC’s implied volatility remains below its one-year average across all maturities, potentially helping keep prices within their current range. QCP warned that this stability could weaken as options positions expire, leaving Bitcoin more exposed to market catalysts.