Bitcoin Reclaims $69K Amid Declining Volume and Activity
Bitcoin has reclaimed the $69,000 level, but according to Glassnode's weekly report, the rally is accompanied by declining spot exchange volume, on-chain activity, and ETF trading. The analytics firm's market pulse rated indicators as rising at moderate intensity, while on-chain fundamental and capital flow metrics are declining.
On the spot side, the 14-day RSI jumped 62% from 30.3 to 49.1, and Spot CVD flipped from negative $47.8 million to positive $27.9 million, indicating renewed buying pressure. However, centralized exchange volume dropped 13% from $6.1 billion to $5.3 billion, suggesting fewer participants are backing the move higher.
In derivatives markets, futures open interest slipped 2% to $29.7 billion and funding rates fell 13.1%, indicating reduced leverage. Perpetual CVD reversed sharply from negative $412 million to positive $460.7 million, a 211.8% swing that signals aggressive buy-side re-entry in futures markets.
Options markets told a more cautious story, with open interest falling 12.5% and implied volatility moving above realized volatility, reflecting greater demand for downside protection.