Bitcoin (BTC) closed the week trading just below $83,000, marking a 3% decline from the previous week. The pullback was driven primarily by perpetual traders and ETF holders, who led the selling pressure. Perpetual takers turned heavily net sellers, with funding paid by longs falling below its low band. Despite this, futures open interest remained near the top of its range, indicating that leverage stayed in the market. Weekly ETF netflow also swung from inflows to outflows of about $700 million, dropping below its low band.
Spot takers contributed to the selling, though within their normal range, and momentum cooled into the lower half of its range. Options traders, however, paid up for protection, with the 25-delta skew more than doubling. On-chain activity cooled from the previous week's highs, with active addresses and fees falling back inside their ranges, while transfer volume remained above its high band.
New capital continued to arrive, as indicated by the monthly change in realized cap and the hot capital share, both of which stayed above their high bands. Profitability eased with the price but remained stretched, with just over 70% of supply in profit and both short-term holder gains and realized profit-taking above their high bands. The week's data suggests that while perpetual traders and ETF holders drove the pullback, new capital kept arriving on-chain and most holders still sit on gains.