Bitcoin Surges Past $69K Amid Declining Spot Volume

Bitcoin (BTC) has reclaimed the $69,000 level after a significant price movement. However, Glassnode's weekly market pulse report reveals that spot exchange volume and on-chain activity have declined even as price momentum and futures positioning improved sharply.

The analytics firm notes that the 14-day RSI jumped 62% from 30.3 to 49.1, indicating renewed buying pressure. Spot CVD flipped from negative $47.8 million to positive $27.9 million, also pointing to increased buying activity.

Despite these indicators of price momentum, centralized exchange volume dropped 13% from $6.1 billion to $5.3 billion. Futures open interest slipped 2% to $29.7 billion and funding rates fell 13.1%, suggesting reduced leverage in derivatives markets.

Options markets told a more cautious story, with open interest falling 12.5% from $31.3 billion to $27.4 billion. Implied volatility moved above realized volatility, and the 25-delta skew climbed from 15.08% to 16.88%, reflecting greater demand for downside protection.

On-chain data painted a more subdued picture, with active addresses rising modestly by 2.4% to 617,017. Transfer volume fell 8.3% to $5.4 billion and fee revenue declined 5.1% to $146,600, suggesting the network is stabilizing without attracting meaningful new capital.

According to Glassnode analysts, 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.