Bitcoin Surges Past $69K Despite Weak Volume and On-Chain Activity
Bitcoin's price surged past $69,000 as measured by Glassnode's weekly market pulse report published on April 6. The analytics firm found that spot exchange volume and on-chain activity dropped despite the price increase.
The RSI (Relative Strength Index) jumped 62% from 30.3 to 49.1, indicating renewed buying pressure. Spot CVD (Cumulative Volume Delta) flipped from negative $47.8 million to positive $27.9 million, further supporting this claim.
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.
The report also noted that options markets showed 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%, indicating greater demand for downside protection.
Bitcoin ETF outflows narrowed by 94.6% in a single week, from negative $405 million to negative $22 million. However, ETF trading volume dropped 29.5% from $13.6 billion to $9.6 billion, suggesting less urgent participation among traditional finance investors.