Bitcoin Rebounds Above $69K on Thin Volume

Bitcoin's price has rebounded above $69,000, but data from Glassnode suggests that the rally is happening on thin volume and decreasing participation. The analytics firm's weekly market pulse report found that spot exchange volume dropped by 13% to $5.3 billion, and on-chain activity remains weak.

The report notes that the 14-day RSI for Bitcoin jumped by 62% from 30.3 to 49.1, indicating renewed buying pressure. However, futures open interest slipped 2% to $29.7 billion, and funding rates fell 13.1%, suggesting reduced leverage.

The report also found that U.S. spot ETF net outflows narrowed by 94.6% in a single week, from negative $405 million to negative $22 million. However, ETF trading volume dropped by 29.5% from $13.6 billion to $9.6 billion.

Glassnode analysts concluded that the rebound looks constructive but needs confirmation. Stronger follow-through in volume, capital inflows, and network activity will be required for the rally to prove durable.